Bitcoin broke above the key opposition level of $57,000 this Saturday, while Ether is slowly but surely catching up with the BTC’s gains.
Bitcoin is trading around $57,106.47 as of 14:00 UTC. Gaining 8.04% over the last 24 hours.
BTC’s 24-hour range stands between $50,841.67-$57,106.47.
Some are accrediting the astounding rise of Bitcoin’s cost to the enormous demand from buyers, particularly institutional investors, looking for a hedge against inflation.
However, there are still several psychological walls for Bitcoin to overcome, even as it passed a major milestone of $1 trillion in market cap and the milestone psychological $50,000 mark.
Whilst the 10-figure market cap theoretically gets Bitcoin go from “a fairy-tale internet money meme” into a mostly established investment asset, it also presents some psychological challenges to a variety of buyers, who may peddle Bitcoin to produce the profit of their investment.
