• Bitcoin (BTC) has been resilient in an erratic market and its price rally began at the start of 2021.
• On June 1st, BTC dropped 0.5% and was trading at $26,950.
• Bob Baxley, CTO of DeFi infrastructure platform Maverick Protocol declared that Bitcoin and many other cryptocurrencies are in an “accumulation phase” as Asia opened the market on Friday and BRC-20 tokens reached a $500 million market cap.
Bitcoin’s Price Rally
Bitcoin (BTC) began its price rally at the beginning of 2021 after recovering from the $15,000 price mark it had fallen to following the implosion of the FTX exchange. Between January and mid-April, BTC rose by around 60%, reaching $31,000. This surge was attributed to the failure of U.S banking system which led to three bank collapses and raised concerns about traditional finance.
June 1st Dip
On June 1st, crypto prices moved slightly into the red zone with BTC dropping 0.5% over 24 hours and trading at $26,950. This downward trend continued throughout May with BTC plunging more than 4%.
Accumulation Phase
Bob Baxley CTO of DeFi infrastructure platform Maverick Protocol declared that Bitcoin and many other cryptocurrencies are currently in an “accumulation phase” due to liquidity being a key factor in this age and time. He also noted that markets had already priced potential U.S central bank rate hikes which could have shaken prices in the past.
Current Market Status
Currently Bitcoin is trading at $27140 showing a 1% gain over 24 hours while moving averages point towards neutral or even more bullish, suggesting another leg up may follow soon enough.
BRC-20 Tokens Surge
The fast-paced price rally of Bitcoin was accompanied by BRC-20 tokens reaching a $500 million market cap on Friday when Asia opened its markets for trading signaling their potential role they may play going forward