Bullish weekend momentum sees Bitcoin surpassing $40,000 as altcoins take a beating.
The weekend is not a common place for Bitcoin to surge in price. However that is exactly what is happening. The price of BTC surged over $40,000 and is looking to retest the previous all-time high of $41,950.
Bitcoin looks to have gained bullish momentum following a strong week in the crypto markets. The overall sentiment remains positive as the cryptocurrency saw a strong recovery from the January monthly low of $28,800.
BTC Dominance Rising Once Again
The rise follows a week headlined by Ethereum’s surge to a new all-time high. A mild correction has given the leading coin the opportunity to take center stage once again.
Bitcoin dominance is up nearly three percent on the day. While its price sees positive momentum, altcoins have taken a beating on Saturday.
Bitcoin is not known for having a strong January according to its pricing history, so the 30% correction last month may finally be over. It looks set to carry on trending upwards with no end in sight if the previous high is broken.
Saylor Pushing Bitcoin for Corporations
The Bitcoin price surge comes just days after MicroStrategy CEO Michael Saylor hosted ‘Bitcoin for Corporations’. The events were held on Feb. 3 and 4.
Microstrategy has purchased in excess of $1.3 billion worth of BTC to date. The current sentiment towards the coin among corporations appears to be gaining attention.
New All-Time High Incoming?
The impressive recovery to over $40,000 now means there is potential for Bitcoin to break the previous all-time high. The weekend pump is likely to retest the current all-time high. However it will be up to the bulls to push it over the line if there is to be a new high this weekend.
Altcoins Suffer as BTC Pumps
With Bitcoin up over 5% on Saturday, most altcoins are experiencing heavy corrections to BTC pairings. It is likely traders are selling out of altcoins and back into BTC. The case can be made that if it breaks its previous all-time high once again, we could be in line to push for $50,000 next.
With Bitcoin looking strong heading towards the weekly close, it is very likely altcoins will see more red as the new week commences with BTC bulls in charge.
Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.