The crypto market has seen considerable jumps as assets record notable price increases. While Bitcoin hit a three-month high, climbing over $50,000, altcoins including Solana (SOL) and Cardano (ADA) achieved all-time highs. Respectively, SOL and ADA hit $1.81 and $2.88.
Speaking in a recent interview, Eqonex head of exchange Justin d’Anethan suggested that the rise was a long time coming. According to Justin, positive sentiments were generally increasing in favor of Bitcoin when the king coin was trading “in the lower 30K’s”. He specified that these sentiments kept pouring in, triggered by new funds trading digital assets, and several institutions and corporate bodies going the crypto way by hiring blockchain experts to develop varying crypto solutions. Justin also mentioned that many payment providers saw increased activity. According to him, these moves slowly took Bitcoin from the 30K’s into 40K and now, 50K.
Suggesting that the market cannot be stagnant, Justin said:
“The current rally in Bitcoin and crypto all around is a great reminder of how quickly the narrative can change.”
The recent changes also highlight the volatility in the crypto sector. When 2021 began, the sector was performing considerably well, until certain events pushed it down. Notably, Tesla CEO Elon Musk, shortly after announcing that the company will accept Bitcoin payments, revealed a complete u-turn.
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