The recent bullish breakout in BTC prices has resulted in a massive wave of FOMO as late traders scramble to get in before the coin hits a new all-time high. BTC has soared by 50% over the past 30 days, hitting highs of $16,500 seen just hours ago.
The cryptocurrency has since retraced below $16K as buying pressure fades off. As of this article’s writing, the BTCUSD pair trades for $15,776, marking a 1.1% drop on the hourly chart.
BTCUSD Chart By TradingView
Analysts are now starting to fear that a correction toward the $14,000 region is due since the coin is overbought.
One leading crypto trader shares the view that BTC no longer has room to extend to the upside, as the cryptocurrency may have topped in the medium term above $16,300.
“I think going into the wknd you should be very cautious with getting caught long especially with equities being bearish. Don’t see much other than we might have topped,” the analyst tweeted.
Crypto Investors Cash in on Bitcoin
Bitcoin’s relentless rally over the past two months has increased interest in the coin, particularly from millennials and the billionaire class.
As we reported today, Mike Novogratz, a billionaire investor and founder of Galaxy Digital Holdings, has been one of the main beneficiaries of BTC’s explosion in value. The crypto custody offerings firm has reported net income of $44.3M in Q3 of 2020, attributable mainly to Bitcoin’s rapid uptick.
Novogratz now joins Tyler and Cameron Winklevoss, who recently emerged as billionaires again after the surge in the value of bitcoin.
Unfortunately for gold bugs like Peter Schiff, millennials like his son Spencer, are increasingly opting for digital gold instead. The SchiffGold founder had earlier slammed his son publicly on Twitter for purchasing BTC and called Spencer’s investing ability into question compared to his own 30 years’ experience.
Two months down the line, Spencer’s investment into BTC is now worth 60% more, speaking to his investment shrewdness when he bought the dip around $10,000 on September 8, 2020.
SUSHI Price Rallies Amid Protocol Upgrades
The DeFi market has seen blue-chip tokens such as AAVE and YFI explode over the past few days, and It now seems that newer tokens have begun to surge.
SushiSwap’s SUSHI token has shocked investors after it soared by 30% in 24 hours, making it the top-performing crypto-asset in the top 100 by market cap.
The Sushi protocol, which is looking to fork from Uniswap, has seen positive technical upgrades over recent weeks. Developers have integrated new products such as a native limit order feature, procedures to eradicate impermanent loss, and a decentralized lending and borrowing platform.
These launches should bolster the SUSHI price bull case in coming days and help the protocol carve out a niche for itself in the competitive DeFi space.