The price of Bitcoin continues to rise, surpassing a value of 46,000 dollars per unit, while boosting the value of several shares of related companies, such as MicroStrategy and Marathon Patent Group.
The current demand for bitcoins in the market and the fall of gold are two of the factors that are driving the price of bitcoin. cryptocurrencyGenesis Global Trading director of derivatives Josh Lim told The Block. According reportedthe price of Bitcoin (BTC)the industry’s top cryptocurrency by capitalization, rallied 17% in the past week, surpassing industry investors’ “concern” level and driving bears back.
Although the rise in bitcoin prices is not definitive, the executive considers that the market is showing several positive signs that herald a greater recovery. Lim said that, apparently, the tensions that are experienced by the current debates of the financial regulators in the United States are not affecting investors, although the crypto community is concerned about the implications of the infrastructure bill that the Senate is studying.
“Bitcoin Is Climbing A Wall Of Concern As Investors Overlook Gensler’s Comments And Upcoming Tax Provisions In The Infrastructure Bill”, Lim stated.
At the time of writing this article, the price of Bitcoin is $45,937, although this Monday it exceeded $46,450 per unit. Bitcoin had not seen this level since last May, when its price exceeded $64,000 per BTC.
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Prices of several stocks rise
In addition to Lim, several analysts consider that the cryptocurrency could exceed $50,000 in the coming days, while the bullish momentum is also pushing up the share price of several related companies. For example, the actions of MicroStrategy, which is the largest institutional bitcoin investor with over 105,000 BTC on their balance sheets, has grown 65% since BTC began to recover in value. MSTR shares trade at a value of $769 per share at the time of this writing.
On the other hand, the value of the shares of Marathon Patent Group, one of the largest bitcoin mining companies in the United States, is also growing exponentially. Since last July 20, when the price of BTC began to rise, MARA, the shares of the mining company, have grown 74%, going from a value of 20.5 dollars per share to $35.9 per share currently.
Other companies related to bitcoin, which have benefited from the rise in prices of the cryptocurrency, are Riot Blockchain, Hut 8, Square, Tesla and grayscale. On average, the value of the shares of these companies has grown by 37.8%.
Bitcoin market recovers
GlassNode, one of the industry’s leading data and metrics providers, notes that the cryptocurrency market is recovering as a Bitcoin supply crunch looms and Ethereum successfully launches its Londo upgrade and EIP-1559. . in his last weekly reportGlassNode analysts note that the bitcoin price may be consolidating above the $40,000 level.
At press time, the cryptocurrency market capitalization has recovered more than 40%, surpassing a value of $1.85 trillion. Within this value, the Bitcoin market occupies 46.6% according to data from CoinMarketCap.
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