The cryptocurrencies market has been active in the last couple of days. Volumes on crypto exchanges have surged with Binance’s volume going back above the $20 billion daily trading volume level.
After a few waves of selling in the last few weeks, it seems that buying has taken over. Buyers are buoyed by strong macro fundamentals fueled by strong corporate adoption in the last few weeks.
The latest came from Meitu Inc., the owner of the hugely popular Meitu app used by millions of teenage girls in Asia. Meitu has recently announced that they had purchased US$40 million worth of Bitcoin and Ethereum as part of their $100 million allocation for cryptocurrencies. They have another US$60 million to go.
As Cathie Woods from ArkInvest, had opined, more and more corporates are starting to allocate cash to Bitcoin. Bitcoin is gaining broad-based acceptance and is increasingly being viewed as a more superior store of value than gold or real estate.
If Bitcoin can cross the US$56,000 level, we should be seeing a return to the bull run. As of now, all signs seem to favor this occurrence.
[ Read more: Michael Saylor Says Bitcoin will Flip Gold in Market Cap ]