Bitcoin Price Up By 5.62% – Time To Buy BTC Coin?

The last few days has seen crypto bellwether Bitcoin making a push towards the $50K mark after a sub-par performance in September. With the crypto market getting renewed interests, more investors are out to buy BTC. The most recognized crypto asset, Bitcoin has continued to lead the crypto space for much of its twelve-year launch. Today’s rally has only further solidified its hold in the industry.

Bitcoin: World’s First Digital Currency

Bitcoin’s origin can be traced to a 2008 whitepaper named ‘A Peer-to-Peer Electronic Cash System’ authored by mysterious creator Satoshi Nakamoto. The Bitcoin network subsequently launched in early 2009, although in a much-subdued template.

Bitcoin uses blockchain technology, a digital ledger consisting of computer databases that record transactions on the web. Bitcoin uses a proof-of-work (PoW) consensus algorithm, which requires validator nodes to solve cryptographically generated puzzles to get block rewards.

This helps secure the network against the infamous 51% attack, where a single entity controls more than 50% of the network and eliminates double-spending. Even though it is a digital currency, Bitcoin has been a revolutionary innovation as it eliminates centralized authorities while giving spending power back to the masses.

The appeal generally lies in the digital currency’s hard-cap limit of 21 million coins.

This has seen institutional investors dub it the ‘digital gold’ with enthusiasts stating that it is a great store of value and a hedge against recurring inflation.

Bitcoin has grown over the last twelve years while consolidating its position as a market leader. The benchmark cryptocurrency currently controls 43.1% with over $947 billion in market cap. It is also the most recognized digital asset and is the only cryptocurrency with a legal tender status.

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BTC Storming Back To Its Previous Highs

Despite Nakamoto’s intentions to shield Bitcoin from other financial instruments, the world’s first virtual currency has largely followed other conventional asset classes. This has seen it lose value whenever negative news is aired.

Starting its climb to blockchain prominence in 2017, BTC surged to a record value of $20K earmarking the first global crypto bull run. However, a series of events saw BTC slide below the $8,000 mark.

This year, BTC has made a comeback, up more than 1,000% year-to-date (YTD) and hitting a whopping $65,000 in mid-April.

Regulatory concerns and energy usage saw BTC value dip once more into the bearish zone for more than four months. Since the beginning of October, Bitcoin has led the crypto market back again to the $2 trillion valuations while racking up more value.

BTC is up 5.62% at press time and goes for $50,180.34 on the daily trading chart. BTC’s weekly gains are also significant, with the premier digital asset increasing 20.36% in the last week. With Bitcoin leading the crypto market back to recovery, this could be an ideal moment to buy BTC.

BTC Technical And Fundamental Analysis

BTC’s climb into the $50,000 mark shows that the bulls are back in full force. The foremost digital asset is trading above the 20-day moving average (MA) support price of $45,142.61 with no intentions to drop. A relative strength index (RSI) figure of 62.32 signals investor interest in the top digital asset and why you should buy BTC now.

In the aspect of fundamentals, Bitcoin is the most recognized crypto-asset globally. Wide adoption by countries and institutions have seen many associate BTC with the entire crypto ecosystem.

This has seen popular micro-blogging media platform Twitter add support for BTC through its Tips Jar feature. The platform’s users will be able to tip content creators with BTC.

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