It’s said that institutional investors “love to hit round numbers,” so it’s no surprise that BTC stands poised for $60,000 after breaking $50,000 last week. As of February 27th, bitcoin continues to eye higher ceilings, and its current price floor sits strongly at $56,588. The weekly charts show a steady rise in BTC, which has been trending for a month and a half at least.
How much higher will this all go is unknown, but …
There is one thing we can say. The effects of Bitcoin’s rally is influencing the entire crypto market. Even Coinbase gained traction with enough capital to command higher prices per share. Ether is eyeing $4,000 from a $3,200 price floor. Native AI tokens are also feeling a boost in trading volume as the world embraces crypto ETFs and new highs across the board.
Plus500
- Intuitive platform
- Many financial CFD instruments
- Free demo contract for the practitioner
Plus500
A Quick Glance at the Technical Analysis
The Feb. 27 chart shows a clear trend for Bitcoin, but where it’s best to enter and exit has yet to be determined. Prices are rising, but these are volatile months, so be cautious with the risks you take on. Earlier in the month, a sputter from BTC was expected after it hit $46,000. Prices did decline afterward, but a bigger push now sends BTC well over $50,000 to $57,250.
Momentum Expected Early In the New Year
A chain of events have collided since late January of 2024. The U.S. economy, holding interest rates at 5.5%, gets started slowly, but crypto markets are already running high with liquidity. With all of this momentum so early in the year, it’s reasonable to keep tracking the market, for the Securities and Exchange Commission is set to legalize Ether ETFs.
And Then Specialists Say This About Hacking Bitcoin …
It’s “economically unfeasible.”
These were the words of a research paper that looked into the potential of scamming the grandfather of all crypto. Bitcoin has a proof-of-work consensus, which results in a theory that to lose autonomy, 51% of BTC’s nodes must be corrupted.
The research paper was produced, “Breaking BFT: Quantifying the Cost to Attack Bitcoin and Ethereum,” by Lucas Nuzzi, Kyle Waters and Matias Andrade.
This theory is also gaining traction.
The phenomenon is attributed to researchers who believe that there’s no true gain in hacking bitcoin. In being “economically unfeasible,” hacking bitcoin wouldn’t make you rich, and even if you tried, you’d fail to combine enough resources.
Tell us what you think within the comments below. Do you think crypto is immune to hacks? Just remember, blockchains and individual wallets are not considered equal in this debate.
When someone loses NFTs or crypto from a wallet, it doesn’t mean a blockchain was infiltrated or hacked.
