Bitcoin price surpasses $44,500, where will the rally go?
The Bitcoin price recovered positively, causing the crypto market to prosper and helping the total market capitalization surpass $2 trillion. At the time of writing, BTC is changing hands at $44,777.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price traded at $44,515, up 0.5%, or nearly $200 per coin after Russia considered accepting payments for oil and gas.
Statistics show that in the last 24 hours, the top cryptocurrency traded as low as $44,124 and highest at $44,802. According to CoinMarketCap, Bitcoin’s trading volume was around $16.8 billion, with market capitalization at $844 billion.
Bitcoin’s positive recovery helps the crypto market wake up. In the last 24 hours, Ethereum is up 1.38%, Binance Coin is up 1.2%, Ripple is up 0.7%, Cardano is up 4.8%, Solana is up 3.6%, Terra is up 1.7%, Avalanche up 2.7%, Polkadot up 1.5%… The momentum of most large-cap altcoins helped total market capitalization increase by 1.06%, surpassing $2,010 billion.
Many professional traders believe that the information that the Chairman of the Energy Committee of Russia’s lower house, Pavel Zavalny, suggested using Bitcoin to pay for energy exports in the context of this country facing a series of sanctions has prompted push the value of Bitcoin.
In addition, the Terra project continuously purchased Bitcoin as collateral for the stablecoin UST in the past week, creating a driving force for the virtual currency market.
According to Nick Carter, co-founder of Coin Metrics, Russia’s move to consider accepting Bitcoin for petroleum and gas trading shows that they are taking it very seriously and trying to convert stored energy into hard assets that can be used outside of the USD system.
The move also shows that Mr. Putin has changed his mind on Bitcoin. Previously, he believed that Bitcoin had value but did not believe that it could replace the USD in settling oil transactions.
Investors believe that these positive signals can cause the Bitcoin price to skyrocket in the future.
Previously, Greg Beard, an energy investment expert at Apollo Global Management, said that Bitcoin could rise to $200,000 in just five years. “If you are an investor and consider Bitcoin as a safe-haven asset, within five years, the price of this digital currency will increase at least five times,” Greg Beard told Fortune.
A New York-based investment firm, ARK Investments even predicts the Bitcoin price could surpass $1 million by 2030.
However, there are also many skeptics about Bitcoin. Many governments are looking to tighten the regulation of Bitcoin.
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