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Experts expected a correction in BTC/USD, however, price continued to increase instead, as a result of which Bitcoin hit a new all-time high.
In fact, yesterday, the cryptocurrency reached $ 48,400, after jumping by about 4%. Today, its rate on the Binance exchange is already $ 49,000, having risen by 7%. This growth is most probably due to the news that the Bank of New York Mellon will begin to conduct operations with cryptocurrencies.
Actually, Bitcoin already stopped rising earlier, halting at $ 47,400. Many experts saw this as a sign of a correction, but the cryptocurrency rallied again, returning to its previous prices.
Perhaps, one reason is increased interest in the cryptocurrency market, specifically in Bitcoin. Unlike their retail counterparts, injections from large companies have a much longer effect, and it serves as a kind of signal for other financial institutions. This also includes the gradual expansion of entities that carry out operations with bitcoin.
Market sentiment also plays an important role in BTC/USD. In fact, other cryptocurrencies are also influenced by it. For example, ETH/USD updated its all-time highs, XRP/USD showed a slight increase and LTC/USD continues to jump amid positive market sentiment. And because of this, positions in the cryptocurrency market are stable, guaranteeing further growth.
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