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The market faced catastrophe in early May, when tumbled, leaving the once valuable coin near-worthless and thousands of investors struggling. Even those who hadn’t bought tokens of their own felt the burn as a lack of confidence tugged on other coins. As attitudes start to recover, experts believe the new month has provided a reason for optimism.
Between May 31 and June 2, the coin crossed the much-anticipated £30,000 mark, reaching a high of $32,147.39.
While the coin has since dripped again, it remains around the vital mark at $29,801.75.
Sam Kopelman, UK manager of cryptocurrency exchange and wallet Luno, hailed the new ground gained on June 1.
He said its recent improvement could boost Bitcoin to the next support level.
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Bitcoin: Bitcoin
Mr Kopelman said: “Crypto’s trajectory in May has been shaky, to say the least following the Luna collapse, coupled with general turmoil in the financial markets.
“The steep decline rocked investors’ confidence but there’s reason for cautious optimism, with the market closing the month strongly, with hopes that this momentum will roll over into June.
“Bitcoin is hovering around $31,000 for the first time since the May 12 crash – a hike of nine percent over the last week.
“If the price continues upwards, we will see the next resistance of $34,500 being tested – a level which served as support at the beginning of 2022.”
Bitcoin: Terra Luna
Mr Kopelman added BTC continues to show its resistance in tough times for the market.
He said: “Although the Bitcoin price finished May down 18 percent, it has proved its strength as the preferred cryptocurrency throughout the market turmoil, and has now captured almost 46 percent of the crypto market.
“In addition, the Bitcoin-Ethereum correlation started to trend downwards this week – the divergence suggesting that Bitcoin is being thought of as a risk-off asset in comparison to Ethereum.
“This early sign of decoupling in the market reinforces the idea, and hope by some, that Bitcoin is the true blue-chip cryptocurrency.”
Bitcoin: El Salvador
Bitcoin’s unusual resilience may lie in its growing use as a currency rather than an investing tool.
So far, only one country, El Salvador, has recognised BTC as legal tender at the direction of its crypto-loving President Nayib Bukele.
But several global companies have started accepting Bitcoins for payment in some shape or form.
Tech giants are primarily leading the way in facilitating those decentralised payments.
Companies accepting Bitcoin in some form include:
The information in this article does not equate to financial advice. Anyone considering investing in cryptocurrency should understand the risks involved.
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