U.Today – The price rose above $68,000, which attracted the attention of Michael Saylor, president of MicroStrategy, to issue the post X “to the moon”. The tweet was accompanied by a photo of Saylor dressed as an astronaut and wearing a rocket with a Bitcoin insignia.
Saylor’s declaration comes at a time when the cryptocurrency market is experiencing volatility.
The overall cryptocurrency market continued to rise on Wednesday, driven by Bitcoin (BTC), which increased its weekly gain to over 12% and surpassed $68,000 for the first time since tardy July.
During today’s session, Bitcoin rose to a nearly three-month high of $68,399, marking three consecutive days of gains. At press time, the world’s largest cryptocurrency fell slightly to $67,607, but was still up 1.23% in the past 24 hours, up from $66,743 on the day.
Bitcoin’s “dominance”, or percentage of the overall cryptocurrency market capitalization, increased to 58.91% from 57.13% at the beginning of October.
Bitcoin’s dominance peaked at over 70% during the 2020-2021 bull market, before sinking to just 40% by mid-2021. Its dominance continued around these levels for almost a year before bottoming out with the collapse of cryptocurrency exchange FTX in tardy 2022. It then began a steady rally that has continued to the present.
Bitcoin may be subject to volatility
According to Glassnode, a clear mismatch between supply and demand has emerged and the market has remained in a subdued range for over seven months. Low volumes in the on-chain and futures markets combined with an environment dominated by HODLers indicate increased volatility for the foreseeable future.
Historically, Bitcoin supply-side shortages have heralded a period of increased volatility. However, the pace of fresh capital inflows has continued to decline since reaching a record high of almost $74,000 in March 2024.
New investors’ confidence in the market trend also remained neutral, indicating that the spending of recent buyers does not differ significantly from the price of the original acquisition.
