Bitcoin (BTC) returned to $40,000 on Jan. 8 as another price consolidation period ended characteristically briefly.
Cryptocurrency market overview. Source: Coin360
After a 9% fall following runs to all-time highs the day before, Bitcoin managed to stay lower only for a matter of hours before bullish momentum returned. Thereafter, the largest cryptocurrency not only matched its all-time highs, but delivered a new one — $40,087.
BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView
“Seems we only dump to shake out the weak hands these days,” a popular social media trader summarized on the day.
Big player market caps topple to BTC
Bitcoin also beat the market cap of Chinese giant Tencent and briefly passed “darling” tech firm Tesla as it rose to $41,000 per coin.