Bitcoin hits $42k level, now what the next amid this bull rally

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The trade price of Bitcoin surging rapidly as the date of Christmas Eve is nearing. 

The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $41,970 & this trade price is 6.20% high than the last 24 hours’ trade price.

Bitcoin hits $42k level, now what the next amid this bull rally 1

Just a couple of hours ago, BTC hit a $42,005 trade price and this is a big hint that Bitcoin is ready to break any big level to hit a new all-time high. 

In the present time, Bitcoin’s dominance in the whole market is near 52.83% and this is a very big sign that the majority of the investors are showing interest in Bitcoin, over other crypto assets.

According to Bitcoin analysts, the trade price of Bitcoin will soon hit $45k & later $48k if it will succeed to gain stability at the current trade price.

Amid this significant increment in the trade price of Bitcoin, the majority of the Bitcoin proponents are sharing their ideas on Bitcoin adoption in different ways.

On 4 Dec 2023, Coinbase CEO Brian Armstrong took to X (formerly Twitter) to explain how this level of Bitcoin is now better to consider as an alternative to the reserve currencies for the countries.

According to Armstrong, the top fiat currencies have their corresponding issues and Bitcoin is the best choice against those issues.

Currently, the US government holds nearly $6 billion worth of Bitcoin (at the current trade price of Bitcoin). According to reports, the US government holds 69,640 Bitcoins which were detained by the US enforcement agencies from bad actors & suspicious activities.

Initially when these Bitcoins were seized by the US enforcement agency, that the time worth of these Bitcoins was very low but now this high value of this crypto asset will surely act as a catalyst to create an idea among the government agencies to consider Bitcoin investment officially.

Read also: Crypto-friendly bank SoFi to shut down crypto business