The whole crypto community has been celebrating the “return of the king”. Bitcoin managed to break through the 20K barrier on September 9 and has been steadily growing ever since despite the predictions of doomsayers predicting that it would continue going down after the $19 support level was breached on September 7. It was a rough week for many crypto investors.
The whole market is recovering, BTC too
The combined power of many factors allowed BTC to show some resilience amidst the crypto winter. The weakening US dollar and increasing inflation in western economies made many investors weary and forced them to consider other hedging avenues including cryptocurrencies. At the same time, the global economy does not show any signs of recovery bolstering the faith of many crypto enthusiasts in the future of Bitcoin.
On the crypto industry front, the anticipation of the Ethereum merges allowed Bulls to push across many cryptocurrency pairs with investors pumping RavenCoin (RVN), Cardano (ADA), and even Terra Luna Classic (LUNC) to new heights. BTC was also favored by people whoweree interested in the future of the whole industry.
Even the influx of outside capital helps a lot. Recently, Google added a new tab with the countdown toward the Ethereum merge due to a massive surge of the search volume for “Ethereum merge” indicating strong interest from people who are not usually paying attention to events related to cryptocurrencies. Now, millions of people from around the globe are reading about the upcoming merger and many are putting their money into the market.
Take the recovery with a healthy side of salt
We do not expect the explosive growth of BTC and an impressive Bull Run that will dismiss all skeptics, but the stabilization of the price above the $21K support line is a good sign that the asset is resilient enough to survive the crypto winter without any long-term ramifications.
It is interesting how the market will react to the upcoming Ethereum merge. It will start within the next 48 hours. The consequences may be quite dramatic. However, the bolstering of Bitcoin positions before the storm is a good thing for the whole crypto market.
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