Bitcoin takes a deep breath after breaking above the $ 58,000 level

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Bitcoin prices were flat on Monday as investors looked for more clues after the recent rally in digital assets broke above the $ 58,000 level for the first time on Sunday. The world‘s largest digital currency hit an all-time high of $ 58,640.77, before cutting some of the gains, and was trading at $ 56,566.83, up 0.4% around 1:45 p.m., according to the crypto tracker. CoinGecko currency.

“Bitcoin appears unresponsive to the barrage of fear, uncertainty and doubt (FUD) being waged against the industry,” said Paolo Ardoino, technical director of the cryptocurrency exchange Bitfinex.

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Bitcoin hit a market cap of $ 1 trillion for the first time on Friday, fueled by interest from big companies like Tesla, MasterCard, Paypal and BlackRock.

“Bitcoin hit a market cap of $ 1 trillion last week, a milestone that took decades to reach big companies like Apple, Microsoft and Google. It only took bitcoin 12 years. Compared to them, bitcoin has hit a trillion without so many people knowing it. As bitcoin becomes this mainstream, it may have a much larger pool of interested investors. For this reason, $ 1 trillion may just be the start, ”said Vikram Rangala, CMO at ZebPay.

“Bitcoin has something else to do, it’s absolute scarcity. There will never be more than 21 million bitcoins. As more and more investors buy it, the remaining supply decreases further. As more and more people learn and start wanting bitcoin, the supply will decrease. The price is likely to increase in the long term, ”he added.

Meanwhile, other major cryptocurrencies such as Ether, Tether and Ripple were trading up to 0.20% in the green.

For the year, bitcoin has generated a return of around 92%, while it is up 16% in the past seven days.

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