Kelvin Daminabo
Bitcoin has experienced a notable price increase, surpassing $69,000 following a brief period of bearish activity. The cryptocurrency’s value rose by 1.3% in the last 24 hours, reaching $69,080, with a market capitalization exceeding $1.35 trillion and a daily trading volume of $22.7 billion.
Several large investments in the Bitcoin ecosystem have contributed to this price surge. Paradigm facilitated a $70 million funding round for Babylon, a Bitcoin staking protocol. Additionally, Tether, the issuer of USDT, invested up to $150 million in shares of Bitdeer, a prominent Bitcoin mining company. The Republic of Tatarstan is also involved in a $100 million Bitcoin mining project led by Innopolis Tech, a fintech firm.
Although there has been a decrease in active Bitcoin network addresses over the past four days, the total supply in profit has seen a slight rise, as per Santiment data. The Relative Strength Index (RSI) currently stands at 54, indicating a favorable position for Bitcoin to continue its bullish momentum.
The recent influx of investments and positive market sentiment bode well for Bitcoin’s future growth. As the leading cryptocurrency by market capitalization, Bitcoin’s performance significantly impacts the broader cryptocurrency market. With increasing interest from institutional investors and governments, Bitcoin’s outlook appears promising.