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While the market looks mixed, the signs point to a sustained and sustainable bullish rally across the crypto space.
Looking at the performance of the cryptocurrency market above, there are flashes of green among a sea of red. However, this doesn’t paint the whole picture of cryptocurrencies gaining significantly in the past few months. The dips in the daily trading value are not necessarily bearish and represent minor corrections, with the potential for a healthy maintained price.
Bitcoin price over the past month
Bitcoin price, which is currently at an increased price of nearly 2% in daily trading, has had a monumental past thirty days. Having smashed through barriers of resistance and gaining new all-time highs fairly consistently, the token seems poised to continue upwards or hold steady.
In the past month, the price of Bitcoin has seen a low trading value of $17,619.53 USD in comparison to its high of $40,180.37 USD. The difference between the two values is a whopping 128% from low to high; an extremely bullish sign for the future of the asset as a store of value.
Will institutional firms sell Bitcoin
It’s worth noting that there is a risk that whales might sell in the short-term, which could lead to a correction and a consequential fall, but this would require institutional firms sell-off cryptocurrency assets to shift to fiat. If MicroStrategy CEO Michael Saylor is anything to go by in this, it would seem that’s not a high chance. As such an advocate for Bitcoin, it seems unlikely that the firm would choose the dollar over Bitcoin:
“Each U.S. citizen now has a choice. You can stay on the Fiat Standard, in which some people get to produce unlimited new units of money for free, just not you. Or opt in to the #Bitcoin Standard, in which no one gets to do that, including you.” -Ross L. Stevens
— Michael Saylor (@michael_saylor) January 6, 2021