While it’s
too early to talk about a speculative cryptocurrency rally like the ones
Bitcoin (BTC) has historically offered, something is definitely going on. Just
yesterday (Monday), the price of the oldest cryptocurrency surged by 15%,
testing its highest levels since May 2022, or in 17 months.
Along with
the rising price, investor expectations and dreams are also soaring, with some
already mentally cashing in above-average profits. The fear-of-missing-out
(FOMO) sentiment is also making a definitive comeback in the bull market.
During
Tuesday’s Asian trading session, Bitcoin momentarily tested the $35,200 level,
the highest this year and the highest since May last year. Although the price
has slightly retreated since then, Bitcoin still remains above the $34,000
level, breaking out of the consolidation it had been in for over a year.
Moreover,
technical indicators suggest that bulls are in control for the first time in a
while. Not only has Bitcoin’s price seen a significant increase, but its
“dominance,” or total share in the market capitalization of all
digital assets, has also risen. On Tuesday, it reached 52%, the highest since
April 2021.
The price of Bitcoin (in blue) and market dominance (in orange). Source: Tradingview.com.
Meanwhile,
trading volumes exploded, reaching nearly $30 billion in 24 hours, and Bitcoin
futures funding rates hit record highs, indicating panic…
