U.Right this moment -'s worth soared to greater than $68,000, attracting the eye of MicroStrategy chairman Michael Saylor, who issued a “to the moon” X-post. The tweet included a picture of Saylor in an astronaut swimsuit and a rocket with the Bitcoin insignia engraved on it.

Saylor’s declaration comes at a time when the crypto market is experiencing volatility.

The general cryptocurrency market continued its rally on Wednesday, led by Bitcoin (BTC), rising its weekly achieve to greater than 12% and topping $68,000 for the primary time since late July.

Bitcoin rose to a three-month excessive of $68,399 in as we speak's buying and selling, persevering with its third straight day of positive aspects. On the time of writing, the world's largest cryptocurrency had retreated barely to $67,607, however was nonetheless up 1.23% over the previous 24 hours and better than its intraday worth of $66,743.

Bitcoin's “dominance”, or its share of complete cryptocurrency market capitalization, rose to 58.91% from 57.13% firstly of October.

Bitcoin's dominance reached over 70% through the 2020-2021 bull market, however fell to 40% in mid-2021. It maintained its dominance round that stage for almost a yr till bottoming out with the collapse of crypto alternate FTX in late 2022. After that, a gentle rise started and continues to today.

Bitcoin could expertise volatility

In accordance with Glassnode, there’s a vital disconnect between provide and demand, with the market having been range-bound for greater than seven months. Low buying and selling volumes throughout on-chain and futures markets, mixed with an atmosphere dominated by HODLers, factors to elevated volatility for the foreseeable future.

Traditionally, supply-side tightness in Bitcoin has been a precursor to elevated volatility. Nevertheless, since hitting a report excessive of roughly $74,000 in March 2024, the speed of latest capital inflows has continued to say no.

New traders' confidence in market developments additionally stays impartial, indicating that new consumers' spending will not be considerably completely different from the unique acquisition worth.

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