Bitcoin’s price has momentarily surpassed $44,000, extending its impressive streak of roughly $7,000 gains over the last week.
Bitcoin has steadily increased after weeks of difficulty, approaching the $45,000 mark – a 1% increase in the last 24 hours and a nearly 20% increase in the last 30 days, Coingecko charts show.
According to CoinMarketCap data, the world’s largest digital cryptocurrency was recently priced above $45,000 on February 10.
Bitcoin is exhibiting a trend that indicates it may sustain its recent gains. According to Bloomberg Markets’ crypto monitoring, a so-called triangle shape on Bitcoin’s price chart is compressing tighter and the cryptocurrency is poking at the triangle’s upper end.
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Bitcoin On A Steady Upward Momentum
Bitcoin’s price has been steadily rising over the last week, spearheading a crypto market resurgence that has seen Cardano (ADA), Ethereum (ETH), and Solana (SOL) all increase by more than 10%.
Taken together, the increases have pushed the total cryptocurrency market back beyond $2 trillion.
BTC total market cap at $844.15 billion on the weekend chart | Source: TradingView.com
After breaking through the $40,000 barrier last week, bitcoin has maintained its gains and is now trading at the top confines of the $$44,000 zone it has been trading within since the start of the year.
As this unfolds, the US stock market is up today, as is cryptocurrency. The S&P 500 index is expected to gain 1.4% on a weekly basis, while the Nasdaq is expected to gain approximately 2%. Bitcoin has increased by approximately 6% in the last week.
Related Reading | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum?
Can The ‘Digital Gold’ Hold Ground?
Bitcoin has long been referred to by some pundits as “digital gold” — a safe-haven asset that will remain stable when all other investments falter.
Bitcoin has only dipped below its four-year moving average a few times in its history, and even then only briefly, which means that the record price set four years ago is now considered the absolute bottom by some crypto analysts.
When Bitcoin does well, the rest of the market typically (but not always) follows suit. It’s been a good week, owing in part to a landmark Wall Street announcement: Goldman Sachs became the first major US bank to conduct a crypto transaction on Tuesday.
By purchasing an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital, the New York-based investment bank completed an over-the-counter (OTC) transaction.
According to others, this has resulted in an increase in investor confidence, as investors view the large sums of money and interest from established players as a cause to get involved and invest in crypto.
Featured image from TIME, chart from TradingView.com