Bitcoin, the flagship cryptocurrency asset has surged in price and is inches away from a new month high of $70,000.
This new surge is a result of the just completed Bitcoin Conference 2024, where very important people rallied around the asset, spelling a bright future for Bitcoin and the crypto industry.
Bitcoin at the time of report is currently at $69,492, the highest it has gotten in over a month following dark days of selling pressure heaped on the asset by the German government offloading about 50,000 BTC it seized from a movie piracy site.
Blockchain Analysis Firm, Into the Block, commented on the recent surge of BTC stating that almost all BTC holders are currently in profit.
“ Almost all Bitcoin holders are now in profit as $BTC slowly approaches its all-time high. Is a breakthrough imminent? With minimal on-chain resistance and balanced market sentiment, conditions look favorable for continued growth”. Into the Block tweeted.
The Bitcoin surge rubbed off on other Altcoins as well leading to their subsequent price surge. Ethereum and Solana all recorded over 3% increase in price over the last 24 hours. Binance BNB on the other hand experienced a 2.2% increase in price.
Positive Pledges from the Bitcoin Conference
Bitcoin reacted to the positive sentiment stemming from the just concluded Bitcoin conference in Nashville which had about 20,000 people in attendance. Keynote speakers at the event include Donald Trump, Michael Saylor, and Robert F Kennedy Jr.
The keynote speakers all rallied support for Bitcoin, making positive pledges and forecasting a bright future for the asset.
Donald Trump who is the frontrunner for the Republican Party in the Upcoming November presidential elections pledged to make America the Global leader in Bitcoin and cryptocurrency as a whole if elected.
Michael Saylor predicted bitcoin could hit $13 million per coin by 2045 stating that the asset is immune to the shortcomings usually faced by other physical assets.
Robert F Kennedy JR in his speech pledged to uphold pro bitcoin policies if elected as president.
All these positive pledges for Bitcoin at the conference created a positive market sentiment which is responsible for driving up Bitcoin Price.
What to Know
- Blockchain Analysis firm SpotOnChain analyzed that the current price movement of Bitcoin might be a precursor to a new all-time high rally by the primary asset. The firm stated that they expect some significant movements in the price of $BTC, which potentially reaches $100K in the latter half of 2024 and $150K in the first half of 2025.
- At the Bitcoin conference, long-time Pro Bitcoin Congresswoman Senator Lummis proposed the creation of a strategic Bitcoin reserve for the United States.