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On Wednesday, Bitcoin headed for a correction, but this did not last long at all. The bullish trend not only made up for previous losses. It also lifted Bitcoin's value to its highest levels since May.
In Thursday's trading session, Bitcoin continued its rise and gained 4.5%, breaking through the $58,000 level. At the same time, the value of BTC has increased by 6% in the past week. Importantly, along with bitcoin's rise, the dominance indicator of the main digital coin has stopped increasing. The pause in the growth of this indicator is a positive sign, indicating increasing investor interest in other cryptocurrencies.
By the way, the altcoin market is also showing strong growth following the spectacular rise of Bitcoin. Thus, the digital coin Ethereum gained 4.82%, reaching $3635.73, while Binance Coin rose 7.62% to $477.11. The most interested buyers of altcoins are retail investors. They perceive the alternative currency as a more psychologically comfortable investment due to its low cost.
The focus of crypto market participants today is on fundamental news affecting digital assets. For example, the news that the United States became the leader in terms of Bitcoin's hashrate was a significant upward factor for the market. According to the CCAF, 35% of the computational power used to mine bitcoin now comes from the US.
Kazakhstan has unexpectedly become another high-profile mining record-holder. However, analysts attribute this situation to the large number of Chinese who have been forced to leave their country amid a tough crackdown on cryptocurrencies by the Chinese authorities.
Another growth driver for bitcoin has been the possibility of lingering inflation, with retail investors seeking to protect their funds from loss of purchasing power in any way they can. So, recently, cryptocurrency has become a kind of inflation risk hedge for them.
Thus, despite its increased volatility, BTC is still showing spectacular growth in the long term. This encourages investors who avoid short-term positions to invest more in Bitcoin.
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