‘World is waking up to that’: Bitcoin surging as investors flock back to cryptocurrencies
Bitcoin is proving to be the one true thing for digital-asset enthusiasts during the sudden resurgence in cryptocurrency prices.
As the value of the original crypto coin surged more than 30 per cent to beyond $US8,000 ($11,500) since Friday, Bitcoin’s market share as a percentage of the entire crypto universal increased to about 60 per cent from 53 per cent per cent on January 1, according to data provider CoinMarketCap.com.
‘Bitcoin’s recent dominance amidst bullish conditions is quite interesting since in traditional asset classes we typically see a flight-to-quality amidst bearish conditions,’ Josh Gnaizda, chief executive officer of Crypto Fund Research, said in an email.
“That Bitcoin, which is clearly the quality asset in the space, has outperformed in this recent rally is likely the result of it not only breaching the psychologically important $US6,000 level, but also some significant institutional and/or sovereign buying. These buyers would be expected to invest disproportionately in the most established and vetted asset – and that asset is clearly Bitcoin.’
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