Bitcoin Gears Up for Mass Adoption Amid Weakening Dollar Market

Cryptocurrency king Bitcoin continues to defend its position below its $39K resistance level. Despite this market position, many investors keep their faith in the asset, hoping that it will be able to smash its resistance level and moon anytime soon. Meanwhile, other things might trigger the most awaited price surge of Bitcoin; the dollar’s weakening is one factor to consider.

This made Lyn Alden, Founder of Lyn Alden Investment Strategy react in a tweet post,

I think this is how it’s playing out. Market/Fed reached a fever height last week in terms of making more and more aggressive tightening scenarios.

Now walking back the pace of tightening outlooks slightly, as economic deceleration / weak PMI data takes center stage. https://t.co/Xippp6gID6 pic.twitter.com/TndXdBtO7s

— Lyn Alden (@LynAldenContact) February 1, 2022

The post created by Lyn Alden catches the attention of many including the crypto Twitter community. In the comments section, it is seen that the community continues to talk about the mass adoption of Bitcoin while the dollar continues to weaken. This event can somehow be considered a reason on how Bitcoin keeps its trend despite the bloody market.

Furthermore, the dollar’s weak performance also creates fear, uncertainty, and doubt across the world’s financial economy. As a result, some people and financiers see Bitcoin as an alternative currency against the dollar. Not to mention the current price of Bitcoin today, which makes it very attractive to the eyes of every investor. Hence, Bitcoin might be facing mass adoption anytime soon.

At the time of writing, Bitcoin trades at a decent amount of over $36k with a market capitalization of almost $700 billion. Furthermore, it has a 24-hour trading volume of almost $19 billion. This market performance of the crypto enables it to maintain its position as the number one crypto in the space.