Bitcoin price may have taken a temporary breather but the sharp correction below $30,000 did little to dismay the bullish sentiment of crypto market participants.
The CME Bitcoin futures market reached an all-time high volume at $2.7 billion on Jan. 4 and the same day, LMAX Digital also achieved a record-high at $2.62 billion in traded volume. This huge surge in trading activity suggests institutional investors are continuing to invest in Bitcoin (BTC).
Crypto market data daily view. Source: Coin360
Due to institutional adoption, analysts believe that Bitcoin could rally as high as $100,000 in 2021. However, JPMorgan Chase analysts led by Nikolaos Panigirtzoglou have a slightly different view as they believe Bitcoin’s volatility must converge with that of gold to result in a “crowding out of gold.” Until then, the analysts do not expect Bitcoin to rise above $146,000 this year.
Even as Bitcoin takes a breather from its recent uptrend, there are a few tokens that have