On Thursday Bitcoin and Ether pressed the pause button on growth. Bitcoin had been trading at an all-time-high price of $73,000 per BTC, reached on Monday while Ethereum jumped to peaks of $4,000 but has yet to surpass its all-time-high value per ETH of $4,800 obtained in the fall of 2021. The same week, BlockDAG Network released its Keynote video, a global-scale event.
Bitcoin experienced a setback today, nothing to worry about, but dipping below its recent record high to trade under $69,000 per coin has left questions on what will come next for the “first” cryptocurrency. Despite this sudden dip, the sentiment amongst investors remains positive as analysts predict that a “spectacular” new wave of crypto adoption is on the way, with more and more people looking at crypto as a form of passive and lateral income.
The increase in value Bitcoin has experienced in the first weeks of March 2024 has been largely attributed to three main factors. One, is the remarkable success of new spot Bitcoin exchange-traded funds (ETFs)–The Bitcoin network recently achieved a massive milestone with its daily influx of capital that reached $2 billion.
A second factor that has propelled BTC’s price increase is Donald Trump’s endorsement of the digital currency. According to a survey conducted by crypto investment firm Paradigm, a significant portion of U.S. voters–those who trade in and hold cryptocurrencies, express dissatisfaction with the existing financial system and with President Biden stance on the industry. Therefore, U.S. presidential candidate Donald Trump emerges as the favored choice among cryptocurrency owners–48% of those interviewed for the poll. The survey, which collected the opinions of 1,000 voters, revealed that approximately 7% of respondents claimed ownership of over $1,000 worth of cryptocurrency, while around 19% acknowledged purchasing some form of digital currency such as Solana, Ethereum, and BlockDAG Network. It comes as no surprise that, when queried about which U.S. Presidential candidate they believe is equipped to address crypto-related concerns and lead growth within the industry, nearly half of the participants opted for Trump.
The third reason Bitcoin has been rising might have to do with Michael Saylor’s MicroStrategy (MSTR) that announced on Wednesday it is rebranding itself as a “Bitcoin Development Company.” The business is currently filing to raise $500 million through a convertible debt offering aiming at utilizing the proceeds to acquire additional Bitcoin (BTC). As stated in the press release, after the recent purchase, MicroStrategy’s bitcoin holdings totaled 205,000 BTC–valued at nearly 15 billion US Dollars. Despite a 10.85% increase during the regular session, MSTR shares experienced a slight decline in after-hours trading, closing at an all-time high of $1,766. Year-to-date, the stock has surged by 158%, mirroring the remarkable ascent of Bitcoin.
While Bitcoin has nearly doubled in price from $38,000 in late January without encountering significant pullbacks, BlockDAG Network has remained on an upwards trajectory and reached global notoriety through the release of the Keynote Video on Monday.
The video has been described by other financial media outlets and analysts as “a breath of fresh air in the space” as it actively tries to take action against the lack of transparency and straightforwardness that often render the cryptocurrency industry opaque and volitile. BlockDAG Network comes through as a trustworthy project, putting an image to its name and showcasing an ambitious yet confident roadmap–current and future endeavors for the project are perfectly detailed and outlined on both the website and the Keynote Video. The project is escalating its presale goals quickly, having reached sale values of almost $5M since launch and looking at raising an overall amount of $600M, effectively making it one of the strongest projects on the market today.
BlockDAG Network’s global adoption comes at no surprise; The project’s solidity and its crystal clear path are captivating users in all corners of the world who are now able to capitalize on its ability to democrazite the passive income realm and make it available and accessible to “everyone, everywhere” through an innovative mining infrastructure. This operation allows anyone with an internet connection, and through home-mining machines and a dedicated app, to become a blockchain miner, join the global community, and start making money immediately.
Although analysts have observed a potential waning momentum in Bitcoin and Ethereum recent rally, highlighted by a negative divergence between their price and the RSI momentum indicator, it has been forecasted that a “new wave of digital investors” are about to enter the market, bringing crypto adoption to an all time high and serving as a moment of growth both for projects and for investors.
While BTC and ETH have experienced significant upward movement over the past month, reaching new all-time highs, analysts caution that a period of consolidation may be on the horizon. According to Swissblock’s forecast, Bitcoin could undergo a correction of up to 20% from its current levels in the near term. However, they anticipate that the overall uptrend will ultimately resume and BlockDAG Network, Bitcoin, and Ethereum could witness growth levels never before seen.
Read About BlockDAG Presale:
