To say that this week has been a wild ride is definitely an understatement. Bitcoin’s price went nuts and kept everyone on edge. In the span of 24 hours, BTC went to surge from $9,400 to almost $10,500 and then back to $9,400 and even lower down to $8,600 on BitMEX. This whole ordeal saw an insane amount of both short and long positions getting liquidated.
Interestingly enough, all of this comes as the legacy markets are flying. The S&P 500 is up almost 6% this week alone, while Nasdaq 100 is up about 4%. The latter is currently trading at its all-time high and has surpassed the previous record before the COVID-19 pandemic. Airline companies were also surging today as Delta Airlines (DAL) opened at above $37 and even though it retraced, it’s still 8.5% up.
The last seven days were quite the experience on the entire cryptocurrency market. While Bitcoin was bouncing on and off, some altcoins managed to increase their value substantially. Ethereum went on to touch $250 before getting rejected to where it currently trades at around $243.
Undoubtedly, though, one of the best performers was Cardano. ADA’s price increased by an impressive 35% at one point, and it even managed to surpass Tezos (XTZ) as the 10th largest cryptocurrency.
And yet, the market is obviously indecisive. Despite the fact that Grayscale is buying a lot of BTC, even more than what’s actually mined, the price hasn’t managed to capitalize on the institutional interest and to increase. Even though some of the altcoins popped, as mentioned above, there hasn’t been a definitive altcoin season that everyone’s getting excited about.
At the same time, there were some important news taking place. The Chairman of the US Federal Reserve publicly endorsed a blockchain-based project while President Trump tapped bitcoin-friendly Commissioner Hester Peirce for another term at the SEC.
It remains very interesting to see how the market will develop in the upcoming weeks as the anticipation for Bitcoin to finally break $10,000 definitively is mounting up.