The weekend is not a common time for Bitcoin to surge in price. However, that is exactly what is happening now. The price of Bitcoin surged over $40,000 and is looking to retest the previous all-time high of $41,950.
Bitcoin looks to have gained bullish momentum following a strong week in the cryptocurrency markets. The overall sentiment remains bullish as the flagship cryptocurrency faced a strong recovery from the January monthly low of $28,800.
BTC Dominance Rising Once Again
Bitcoin dominance is up nearly three percent on the day. While its price sees bullish momentum, altcoins have taken a beating on Saturday.
Bitcoin has rarely have a strong January according to its history, so the 30% correction last month may finally be over. It looks set to carry on trending upwards with no end in sight if the previous high is hit.
Saylor Pushing Bitcoin for Corporations
The Bitcoin price increase comes just days after MicroStrategy CEO Michael Saylor hosted ‘Bitcoin for Corporations’. The events were held on Feb. 3 and 4.
Microstrategy has bought in excess of $1.3 billion worth of Bitcoin to date. The current sentiment towards the coin among corporations seems to be gaining attention.
New All-Time High For Bitcoin Incoming?
The impressive recovery to over $40,000 now means there is potential for Bitcoin to surpass the previous all-time high. The weekend pump is likely to retest the current all-time high. However, it will be up to the bulls to push it over the line if there is to be a new high this weekend.
Altcoins Suffer as BTC Pumps
With Bitcoin up over 5% on Saturday, most alternative coins are experiencing heavy corrections to BTC pairings. It is likely traders are selling out of altcoins and back into Bitcoin. The case can be made that if it breaks its previous all-time high again, we could be in line to push for $50,000 next.
With BTC looking strong heading towards the weekly close, it is very likely altcoins will face more red as the new week commences with BTC bulls in charge.