Bitcoin started the new year 2021 with an attempt to storm $35,000, while it is extremely important to note that the trading indicatorthe volume of military-technical cooperation also increased sharply.
The start of the new year turned out to be successfulfor Bitcoin (BTC). The cryptocurrency continued to move past historical highs, approaching the $35,000 mark. It is noteworthy that this dynamics unfolded against the backdrop of impressive trading volumes.
If at the time of this writing, bitcoin has risen in priceover the past 24 hours by about 15%, the increase in volumes turned out to be much more impressive. According to data from CoinMarketCap, the world's largest aggregator of market data, trading volumes on BTC increased by almost 104% over the same period. This is potentially an extremely positive signal for the world's main cryptocurrency.
</p>What caused Bitcoin's sharp rise?
It is curious that behind this growth in performanceThere were no specific catalysts for bitcoin that could be easily identified. Bitcoin simply continued to grow from the very beginning of the new year, having managed to strengthen by 20 +% during this time. Moreover, he was simply developing a trend that was launched at the end of the outgoing 2020. Even then, the MTC rate managed to repeatedly move its daily / weekly historical highs.
The most likely reason for the current rally may be herd instinct and fear of missing out on an opportunity (Fomo).Bitcoin is increasingly becoming mainstream, and this is fueling the fever among investors and speculators. They may feel that if they don't buy Bitcoin right now, they will be left behind the train and miss out on the entire price increase.
It is also noteworthy that the powerful increasetrading volumes occurred from Saturday to Sunday - when institutions were on vacation, and most companies had a non-working day. This could mean that retail investors were once again behind the surge in market activity.
Institutional support
And yet, the current Bitcoin rally is stillfundamentally different from the previous bull rally of 2017, which was run exclusively by retail investors. As we well remember, they subsequently "dropped" the market, failing to keep the MTC exchange rate at the record highs reached around $ 20,000.
This time, the crypto market rally was headed bymajor players and investors. Recently, the main drivers of the strengthening of Bitcoin's position have become numerous evidences of a surge of interest in it from institutional investors.
In the context of widespread financialuncertainty and instability, Bitcoin began to attract them as a protective asset and a hedge against fiat currency inflation. In the last months of 2020, many eminent companies purchased cryptocurrency, including MicroStrategy and Grayscale. Standard Chartered and Fidelity also increased their positions in the cryptocurrency market.
As more and more famouscompanies will invest part of their reserves in BTC as part of diversification strategies, Bitcoin will receive more and more mainstream attention. This will support its continued growth and attract more retail investors and players - as was confirmed this weekend.
Rating of TOP-5 cryptocurrency exchanges
For those who did not manage to buy bitcoin in 2020, we have prepared a rating of the most reliable cryptocurrency exchanges that support deposits and withdrawals of funds in rubles and hryvnias.
The sites with the highest turnover are the most reliablefunds, for several years now the largest cryptocurrency exchange in the world has been Binance. The Binance platform is the most popular crypto exchange in the CIS, as it has maximum trading volumes and supports transfers in rubles from Visa/MasterCard bank cards and payment systems QIWI, Advcash, Payeer.
Especially for those new to the cryptocurrency market, we have prepared a detailed guide: How to buy bitcoin on a cryptocurrency exchange for rubles?
| # | Cryptocurrency exchange | Official site | Site evaluation |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Huobi | https://huobi.com | 7.5 |
| 3 | Exmo | https://exmo.me | 6.9 |
| 4 | Yobit | https://yobit.net | 6.3 |
| 5 | OKEx | https://okex.com | 6.1 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform Features– availability of additional features — futures, options, staking, etc.
- final grade– the average number of points for all indicators determines the place in the ranking.
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