• Bitcoin is on a roll as it blasts past the $24,000 mark, suggesting that a new bull market may be starting.
• Factors contributing to this surge include major companies investing in Bitcoin and institutional adoption of digital assets.
• The global crypto market cap has reached a new all-time high of $1.11 trillion, up 8.55 percent in 24 hours at the time of writing, with Bitcoin’s average block size witnessing a sharp increase due to the implementation of the non-fungible tokens (NFTs) protocol Ordinals.
Bitcoin Surges Past $24,000
Bitcoin is on an impressive run as it has blasted past the $24,000 mark, prompting speculation that a new bull market might be starting. This comes after Bitcoin hit an all-time high in December 2017 before suffering a major crash and struggling to regain its previous heights ever since.
Factors Contributing To Price Surge
Recent events such as major companies investing in Bitcoin and institutional adoption have provided fuel for this surge in prices. For example, the Bank of New York Mellon recently set up a unit to help customers to hold, transfer and issue digital assets. In addition, the launch of the non-fungible tokens (NFTs) protocol Ordinals has led to an increase in demand for Bitcoin which has seen its average block size reach 2.5 gigabytes (GB) for the first time since its creation in 2009. As a result, the global crypto market cap has reached a new all-time high of $1.11 trillion, up 8.55 percent in 24 hours at the time of writing.
Many analysts are optimistic about future price predictions for Bitcoin due to these factors driving its rise and increasing investor interest from both individual investors and institutional players alike. With more companies investing in cryptocurrency technologies and more governments recognizing their potential applications across various industries, some analysts expect that we could see further increases over 2021 — especially if other big investors decide to jump into this asset class as well.
What Does This Mean For Investors?
For investors who are looking to take advantage of this trend while prices are still relatively low compared to their all-time highs from late 2017/early 2018 then now could be an ideal time to invest before prices start rising again later this year or next year depending on how quickly governments move towards full acceptance and regulation of cryptocurrencies across their jurisdictions worldwide . It would also be wise for investors to diversify their portfolio with different types of cryptocurrencies so they can benefit from any sudden spikes or dips across different coins during uncertain times like what we’re seeing now with Covid-19 impacting traditional markets so heavily around us .
Overall there is much enthusiasm surrounding bitcoin’s recent performance coupled with strong US retail sales data adding confidence among investors that we may indeed be seeing a new bull market starting soon if not already here . However it is important for individuals looking at taking advantage of opportunities within cryptocurrency investments right now make sure they do so responsibly by doing proper research , diversifying portfolios ,and only investing amounts they can afford should things turn out differently than expected like what happened back during late 2017 / early 2018 when bitcoin suddenly crashed despite previously hitting record highs .