Bitcoin (BTC) is back: the price has cracked the $ 40,000 mark

Bitcoin (BTC) is back: the price has cracked the $ 40,000 mark

After a weak January, the Bitcoin price is back again and was able to regain the 40,000 US dollar mark on February 6. At the time of going to press, the Bitcoin price is $ 40,360 - a 24-hour plus of over 7 percent. Could it hit its all-time high anytime soon?

While altcoins and, above all, tokens from the DeFi ecosystem saw rapid price increases in January, the Bitcoin price visibly corrected. Its market dominance fell from 72 percent at its peak in the first week of January to 60 percent at the turn of the month. Now he seems to be back and ready for the next attempt.
The BTC all-time high is $ 41,940, which means that the Bitcoin price is only a few percentage points - around 3 to 4 percent - separate from its record high. Accordingly, the chances are good that it will mark a new all-time high this weekend.

As the analysis service Santiment announced on Twitter, the BTC accumulation on the part of the so-called whales is increasing rapidly. So it is the particularly large investors who go on a vigorous Bitcoin shopping spree. So it is also the institutional investors who are ensuring one message after another in the crypto market these days.

Big investors are buying the market empty
Not only are the Bitcoin mining companies reporting record results, but there are also new reports from hedge funds practically every day. For example, this week CrossTower announced the issue of a new Bitcoin hedge fund.

At the same time, the largest Bitcoin online conference for institutional investors and companies took place this week. Microstrategy CEO Michael Saylor, who has already invested over a billion US dollars in BTC with his company, has stirred the drum for the digital gold. As BTC-ECHO reported, statements such as: “Bitcoin will be worth more than gold”, fueled the price imagination of investors and potential investors.

Above all, the Bitcoin positivism of opinion leaders like Elon Musk or Jack Dorsey creates a buying mood among many investors. For example, Elon Musk briefly added the Bitcoin symbol to his Twitter profile, while Jack Dorsey announced that he had suspended a Bitcoin node.
Heated market sentiment not only for Bitcoin
Basically, it can be observed that the financial markets are more than heated. There is more money than ever in the market and the Corona rescue programs and billions of central banks ensure never-ending liquidity that flows into the financial market. This not only fuels fears of inflation, but also leads to phenomena such as wall street bets.

Due to the fact that they do not consume Corona, many private investors have more money in their pockets than usual for speculation or investment. At the same time, Corona lockdown and winter promote a lack of irritation and the longing for “action”. Quite a few investors are sitting at home in front of their PC, bored and with a lot of money. In addition to the macroeconomic factors, these circumstances should also contribute to the fact that a particularly large amount of money flows into Bitcoin and other assets.