Cryptocurrency Analysis

[IFX_Selena]

Is it worth investing in Bitcoin after updating its all-time highs, or is it wise to wait for a correction?



At the moment, Bitcoin seems more attractive than ever to institutional investors and ordinary citizens.

Bitcoin surpassed its April highs on Wednesday and traded at $66,800. However, on Thursday Bitcoin has lost more than $3,500, now it is trading at a price of $63,000.

A reasonable question arises: is it worth taking the risk, following the hype to buy Bitcoin now, leveling all the pitfalls, or is it worth waiting for the correction and then buying?

Bitcoin capitalization takes up almost half of the market capitalization, and the trading volume in the last 24 hours has increased by more than 30%, which is truly an overwhelming factor.


IS IT WORTH BUYING AT THE MOMENT?

Bitcoin showed stunning results on Wednesday, but as of this writing, it has already dropped by almost $4,000.

However, many Wall Street analysts are confident that Bitcoin will not stop there, and the next important price boundary that bitcoin will need to overcome will be the $70,000 milestone.

In fact, bitcoin has grown after the Bitcoin ETFs are created, as well as due to the fact that people are buying it, fearing impending inflation, coronavirus austerity measures, devolving, an unstable economy, a mired and rotten fiat financial system.

This forces people to buy Bitcoin and store their personal savings in wallets. The cryptocurrency market has generally been robust over the past 10 days.

Over the past week, more than $280 billion in transactions were made, according to IntoTheBlock analytics, with average amounts ranging from $100,000 and above.

Whales very often transferred their savings from wallets. The total foreign exchange inflow amounted to more than $11.7 billion, and the exchange outflow of about $11.8 billion.

Over the past month, more than 38 million Bitcoin addresses have been active based on on-chain activity.




Vitaly Kolesnikov
Analytical expert of InstaForex
© 2007-2021