After the most severe short-term disruption in network history, the broader cryptocurrency market is on the mend. Just last week, the on-chain monitoring company Glassnode revealed that, despite the FUD, Bitcoin hashrate had largely recovered. As a result, implying a mood-booster for cryptocurrency investors.
To back that up, here are some numbers
CoinShares, a digital asset management, has released its weekly “Digital Asset Fund Flows” report. It monitored institutional investor inflows as capital flooded into digital currencies, particularly Bitcoin. “Growing investor confidence in digital assets with inflows of US$90m.” stated the introductory line. The graph below illustrates the same point.
Digital asset investment products had inflows of US$90 million in the previous week, bringing the total to US$411 million for the seventh week in a row. Bitcoin, in particular, reaped the benefits of the light after a dreary period.
“…saw inflows of US$48m last week. Having suffered the longest run of outflows on record, Bitcoin has now seen its 3rd week of inflows totaling US$115m.”
A probable cause was also included in the report. “We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors.” This, combined with more accommodating statements from the US Securities and Exchange Commission and the Federal Reserve, helped the increase.
Bitcoin is aiming for a $55,000 price.
Bitcoin is trying hard to maintain its position above $50,000 before beginning another upward surge aimed towards $55,000, which was a key barrier mark during the previous bull-run.
The last quarter of 2021 might be important for Bitcoin, as it attempts to stay over $50,000. BTC is aiming for $52,000-$59,500, with the $55,000 barrier level likely to be surpassed soon.
The market capitalization has surpassed $900 billion, surpassing Facebook. Interestingly, Facebook was offline yesterday night, prompting cryptocurrency enthusiasts to ridicule the corporation.
The biggest digital currency’s next goal is to break beyond its former All-Time High (ATH) set at $64,000 by generating a new record.