Market Cap
24h Vol
7051
Cryptocurrencies
76555
Markets
2021-01-14

Bitcoin on track to hit $40,000 again

The price of Bitcoin (BTC) has broken through the $35,000 resistance and appears to be entering a new range that would see it trade between $38,000 and $40,000. 

Despite the recent decline, financial advisors continue to develop a more positive outlook on the top cryptocurrency , as well as the growing DeFi sector.

The recent announcement by the Office of the Comptroller of the Currency (OCC) allowing banks to transact and hold stablecoins is interpreted as a green light for the entire sector.

This is evidenced by the fact that custodial services provider Anchorage just received its first digital bank charter through the OCC. According to outgoing OCC chief Brian Brooks, an online future for finance is inevitable.

Current market conditions continue to reflect a trend from previous cycles where the bitcoin price corrects sharply and then consolidates after a period of parabolic growth.

During these consolidation phases, investors tend to shift funds into altcoins, and today's increase in volume and rally from multiple altcoins again reinforces this theory.