The bullish momentum seen throughout the week has spilled over into the weekend as the majority of the top-100 tokens listed on CoinMarketCap are posting double-digit gains.
Bitcoin (BTC) entering a brief consolidation period and the possibility of a third round of stimulus checks for American citizens are two possible reasons for today’s bullish price action.
Daily cryptocurrency market performance. Source: Coin360
While there are concerns about the recent large Bitcoin inflows into South Korean exchanges by BTC whales, fundamentals factors like miner sentiment and decreasing supply are keeping investors feeling relatively optimistic about Bitcoin’s future price prospects.
A growing number of experts have voiced their opinion that Bitcoin’s recent bullish surge is due to outflow from gold as the top cryptocurrency is quickly becoming the preferred inflation hedge for the millennial generation.
Bitcoin finds a new range in uncharted territory
Following the new all-time high price in Bitcoin (BTC) of $41,940 on Jan 8, the top cryptocurrency has