Bitcoin had just made a major come back today in the market. The cryptocurrency rallied in the market, and they have gone quite high to the point on Wednesday where we can say that it is breaking its own records set in the cryptocurrency market, Bitcoin now has been going on and topping $55,000, which is very high and it is hitting its highest level since mid-May.
Regulatory fears gripping the cryptocurrency market since the beginning of the year have eased this week. This happened because of a certain reason.
After both Treasury Secretary Janet Yellen and SEC chair, Gary Gensler had made it clear and said to the people that they have no plans to impose restrictions on cryptocurrency trading.
So once that fear is gone, people are investing more and more in cryptocurrency. Bitcoin is at the top.
Bill Baruch, who is also known as the president of Blue Line Capital, had made a plan over the summer to make sure that he gets more into the Bitcoin market and other cryptocurrencies to make sure that there is some profit after the value of all of them plummeted.
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Baruch had highlighted two cryptocurrencies other than Bitcoin that he thinks is getting behind as an alternative to bitcoin. These two are named Solana and Algorand.
“Solana is actually the one cryptocurrency that I have my highest holding off right now. I decided that I would possibly get in that and that too at a good time, and now as we all know that has risen pretty sharply.
I think that this is not the peak for Solana, this one has legs to go as well from here… and Algorand is the cryptocurrency that I think, and it’s my personal feeling that to me, this one feels like Solana where it had been two to three years ago,” he said.
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We hope that what happened back in May towards the beginning of the year does not cause any hindrance again. It is a crucial market right now. We will keep you updated.