Bitcoin price is on the way to $ 59,000, money flow is pouring into the top coin?

In the last 24 hours, the Bitcoin price increased by nearly 2% to $ 58,757, many other cryptocurrencies also increased from 2% – 4% but still helped the total capitalization reach more than $ 1,950 billion. Intraday Bitcoin trading volume was $ 51 billion, market cap recorded at $ 1,097 billion.

bitcoin-price-is-on-the-way-to-59000-money-flow-is-pouring-into-the-top-coin

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price ready to explode in the near future?

In the market, a series of other cryptocurrencies also climbed like Ethereum up 2.29% to $ 2,094, Binance Coin up 8.4% to $ 350, Polkadot up 4.7% to $ 44.1, XRP up 8.1 % to $ 0.642, Litecoin 2% up to $ 204.3.

The strong rise of the currencies brought the total value of digital market capitalization to 1,950 billion USD, up 2.1% compared to 24 hours ago.

Bitcoin is gaining traction with big brands. Most recently, the famous American car company General Motors sent a signal that it was considering the possibility of conducting car transactions with the Bitcoin cryptocurrency.

GM CEO Mary Barra said the firm is looking at the possibility of electronic Bitcoin as a means of payment:

“This is something we will monitor and evaluate, and if there is high demand for it in the future, there is nothing stopping us from doing that.”

Previously, billionaire Elon Musk, CEO of Tesla, announced that customers in the US can buy its electric cars with Bitcoin virtual currency. The Tesla CEO also added that Tesla customers in other countries can initiate payments in Bitcoin at some point this year. However, unlike Tesla, where the electric car company has invested a whopping $ 1.5 billion in Bitcoin, GM said it will not invest in Bitcoin or other forms of electronic money.

The CEO of GM stressed that although General Motors does not invest in cryptocurrencies, it is still serious about its potential.

Bitcoin is also forecast to grow even more this year and long term. Recently, crypto analyst and influencer Ben Armstrong talked about Bitcoin in a video released on his very popular YouTube channel “BitBoy Crypto“.

Armstrong said:

“If you’re able to own one full Bitcoin, you are going to be in a very good spot. Derivatives exchanges now offer $100,000 to $300,000 Bitcoin call options, but how keen are pro traders to take this bait?… For example, the $100,000 call options currently trading at 0.164 BTC, equivalent to about $9,500. They’re paying $9,500 to take that option. That’s a giant premium. If you’re going to bet on that, you have a lot of confidence the price is going to be rising.”

He concluded:

“I am very confident. I’m very confident Bitcoin’s going to hit $300,000 this year… I’m telling you $300K. I don’t think it will go over $400k. I think our $320K prediction for this year is going to end up being pretty accurate.”

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