The cryptocurrency market has been on a roller-coaster ride so far this year. Although, the largest crypto-Bitcoin outperformed earlier in 2023 after reversing from $16,500 support in December 2022. This rapid rise led to an overall market valuation above $1 Trillion.
Bitcoin moves against the speculators’ expectations because U.S. regulators are imposing strict action against the Crypto exchanges and their staking services. Earlier, between February 2 and 10, the bitcoin price fell by about 2800 points from its previous high of $24,255.
One of the reasons behind the Bitcoin price pump is the increasing adoption of Ordinals Inscription. Viral Ordinal Inscription exceeded 100K on Bitcoin Blockchain on Tuesday. As per Dune Analytics, there are currently 118K Bitcoin NFTs so far.
Even multiple projects are also moving to Ordinals which also includes the popular Solana NFT collection DeGods.
Also read: BAYC #1626 Owner Burns the NFT to Switch its Existence to Bitcoin
Buyers appear Exhausted at $25K Resistance
Market leader Bitcoin set vital support at $21,500 as bears often failed to break down this zone. Eventually, investors are celebrating Bitcoin’s 8 Month highest point at $24,905 since August. However, $25,000 is a psychological level and can act as a resistance, so it would be difficult to break that level.
Bitcoin recovers losses from the past two weeks amid a 12.9% weekly gain but still attempts to dump BTC at $25K. Due to rumors of a staking ban in the US, holders are converting their altcoins into Bitcoin. Despite this fact, other digital assets such as Ethereum, Binance, XRP, etc. also rose by more than 6% overnight.
