- Ordinals Inscriptions’ inception has awakened interest in the asset.
- BTC price was trading at $29K at publication time.
Bitcoin (BTC) sits silently near $29K with over 1% decline in a week. Rest of the market is mimicking the king coin. Data aggregator CoinMarketCap shows a huge chunk of altcoins have plunged throughout the week. However, choppy momentum in BTC price could be momentary. The asset has bounced back multiple times after giving off fear, uncertainty and doubt (FUD) vibes this year.
BTC Finally Behaves Like Digital Gold
Finance news provider Business Insider says the cryptocurrency price has started showing similarities like digital gold as people are showing less interest in altcoins. BTC has gone steadier than NASDAQ, S&P 500 and Gold. However, trading volume has plunged according to K33 Research, a division of the company of the same name.
Ordinals Inscriptions’ inception has awakened interest in the asset. Prior to it, the Bitcoin blockchain was simply an ecosystem driven by peer-to-peer financial transactions. Although the price already had an ideal beginning this year, the arrival of inscriptions added to the growth. BTC price rose to 8% on the launch date.
Several financial goliaths including BlackRock, Fidelity Investments, Invesco and more have filed for Bitcoin ETFs with the Securities and Exchange Commission (SEC). U.S. regulatory watchdog. Experts in the field speculated agency’s approval could breathe new life to the BTC ecosystem.
Crumbling of the U.S. banking system in March 2023 had a positive impact on Bitcoin price. Financial Times, a British news website, reported buyers started emerging after the news broke of the bank run. This led to an over 40% rise in the asset’s price during mid-March. The asset even broke the $30K barrier in the following month.
During April and May 2023, BTC hovered between $28.5K and $26K. The instance also resonates with what Bitcoin’s whitepaper mentions. It says the financial system “suffers from the inherent weaknesses of the trust based model.” This is also true in the sense of risks third-party models pose including cybersecurity, operational, financial and more. Eventually, users may suffer.
Users Posit Bullish Sentiments Towards Bitcoin
There are rumors that Elon Musk will turn his social media platform X to a financial data giant. It could bring havoc in the cryptocurrency sector according to a Forbes journalist. However, the Tesla CEO denied such rumors. Additionally, he also denied rumors linked to an X-based cryptocurrency.
Analysts on Twitter believe BTC will reach $30K this week itself. Some even believe the asset may attain a breakout in the next few days. Bitcoin aficionado Michael Saylor recently said in a podcast that the crypto industry appears to be nearing an inflection point. The market allegedly mimics BTC price momentum.
Price chart exhibits an uptick in price since the year began. The asset has taken multiple supports before rebounding. If the trend persists, Bitcoin price may witness gain in upcoming days. Woodies CCI hovers below the zero line, indicating the price has entered the oversold zone.
Bitcoin halving is due next year. Bitcoin evangelists believe the event may deliver a positive impact on price. Adam Back, CEO of blockchain company Blockstream, believes BTC price may reach near $100K by March 2024.