The largest cryptocurrency in market capitalization tries to resume its upward path while Nasdaq hits its historic high.
According to information from the CryptoCompare, around 7:15 pm (GMT) yesterday (3), Bitcoin flirted with the $ 11,500 region, hitting an intraday high of $ 11,476. This value represented an increase of 4.85% in relation to the price that the asset had at the beginning of the day. Along with him, Nasdaq also showed excellent results.
Due to the positive correlation between Bitcoin and the traditional American market that we have seen especially during the COVID-19 pandemic, it is worth noting that Bitcoin managed to reach this price around the same time as the Nasdaq Composite – which was up 1.42% last night (3) – made a new historic high.
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Euphoria is taking hold of technology stocks
According to a report CNBC’s current gains in the American stock market are due to the following factors:
01 – Investors continue to invest money in technology stocks since giants like Apple, Microsoft, Amazon, Google and Facebook need to be the closest thing to something reliable in these difficult times.
02 – The approval by the American government (at first) of a potential takeover of the American operations of TikTok by Microsoft helped that the giant’s shares rose almost 5% yesterday (3).
03 – Investor pleasure with “a season of earnings in which companies are exceeding expectations at a record rate” (FactSet says that last Friday 84% of S&P 500 companies had exceeded analysts’ earnings estimates).
Now, as far as Bitcoin is going from here, the situation is impossible to predict in the short term. However, many currency holders remain extremely optimistic in the medium and long term.
85% of the circulating Bitcoin supply was moved at $ BTC <$ 10,000 and is therefore currently in profit.
And yet 63% of all BTC hasn’t moved in over a year.
Putting it conservatively: Not many investors that think we’re anywhere close to a top.
– Rafael Schultze-Kraft (@ n3ocortex) August 3, 2020
85% of the circulating Bitcoin offer was moved when it was worth less than $ 10,000 and therefore are in profit now. 63% of all Bitcoins have not moved in over a year. Putting it conservatively: Not many investors believe that we are even close to the top. That is: Extremely bullish.