When BTC hits $25000, it’s cause for excitement. Over the weekend, Bitcoin topped $25,000, albeit briefly, to mark its highest level since June before a sharp fall. The world’s most popular digital token continues to struggle to move higher but shows promise for HODLers.
Late on Sunday, the token popped just above $25,000. According to data from CoinDesk, this is the first time since the middle of June BTC was able to reach this height.
By Monday, the coin fell back to $24,177.38. Over the past month or so, a rise in U.S. stocks has also carried a rise for a range of cryptocurrencies. Generally speaking, the digital currencies and stock markets tend to have a relative correlation.
This is particularly true for Nasdaq, which is tech-heavy and climbed about 12% last month.
Bullish Investors and the Crypto Market
After economic data shows some easing off in terms of inflation, investors started to feel a bit more bullish. Over the same period, BTC was up roughly 15%, although still down about 48% year over year. Indeed, it’s been a rough couple of months for the crypto sector.
Bankruptcies and liquidity problems plagued numerous market players. Still, since late June, Bitcoin has traded in a range from $20,000 – $24,000. While BTC hits $25000 on occasion, it struggles for its true breakout.
However, there continue to be signs of a rally.
Per his interview with CNBC, vice president of corporate development and international at crypto exchange Luno, Vijay Ayyar stated, “BTC continues to show signs of bullishness mainly due to higher highs and lows being formed.”
Additionally, BTC’s rise is due in part to the rally around altcoins. Last month, Ether outpaced the gains of BTC when it rose 56%. Likely, this is due to the excitement around Ethereum’s long-awaited upgrade: The Merge.
“We’re seeing BTC catch up with ETH, given the excitement over the merge, potentially scheduled for 15th September,” Ayyar said.