After renewing its record price level last week, Bitcoin managed to reach a new peak every day this week after a calm course at the weekend.
Bitcoin, which has a market value of $1.44 trillion today, started the week by reaching the peak of $72,800. Bitcoin, which is subject to sharp sales after each new peak, saw another short-term decline to $ 68,620 after reaching its record price of $ 73,000 yesterday. However, large purchases from the lower region each time help BTC continue its price discovery.
While the peak price, which coincided with US trading hours, was reached earlier today, we saw that BTC has set its peak at $ 73,650 for now, with the increasing demand at the European market opening. The positive outlook for the largest cryptocurrency has made experts' price predictions around $100,000 more predictable.
With its recent value increases, Bitcoin has surpassed silver, the second most valuable metal with a market value of $1.38 trillion, and has become the 8th most valuable asset in the world. Gold ranks first with a market value of $14.56 trillion, ahead of Bitcoin, followed by the world's largest companies. However, Bitcoin has become the prominent asset with its increase in value with the ongoing demand since the beginning of the year.
Bitcoin has increased in value by 74% since the beginning of the year. Although gold started to rise in March after the weak course in the first two months, it remained far from the performance of Bitcoin, with a value increase of nearly 5% since the beginning of the year.
While Bitcoin's peak attempts continue, the increase in volatility causes serious losses in both buying and selling positions in futures transactions. This week, price fluctuations following the cryptocurrency's peak test resulted in near-terms liquidations of $200 million on a daily basis.
When we look at the cryptocurrency market in general, it is seen that the risk appetite and fear index continues to be at all-time highs. While the index is at 90 today, it shows that the excessive risk appetite in the markets continues.
The total market value has reached 2.77 trillion dollars. In addition, the average transaction volume remains high at 160 billion dollars.
