FX.co ★ Bitcoin neared $60,000 after confirming that PayPal has officially started accepting BTC payments

The bitcoin price made a correction before the record options expiry last Friday. As Visa and PayPal dealt with bitcoin and cryptocurrency payments, the ongoing rally above $59,000 was fueled by upbeat news from these giants. In other words, the market is in the middle of a bull cycle, and any correction is a boon for traders and investors.

The total market cap is showing a similar test of support, as the $1.5 trillion levels are crucial to hold. As the total market cap of the cryptocurrency has recovered from this correction, there is likely to be more room for growth as regions where it is at an all-time high will be tested.

However, during this jump, several critical support levels were established. Currently, the significant storage space is $56,000. As long as this region maintains support, the market will have the potential for further growth. This sets new historical peaks and perhaps $70,000 by early summer.

This is a transitional moment where cryptocurrencies become a legitimate source of funding for making real transactions from millions of sellers, mostly from the asset class that you buy, hold, or sell.

Bitcoin will not be able to rely on the market capitalization of gold, which is $10 trillion. It will be much higher, which means that bitcoin will be worth hundreds of thousands of dollars. And if bitcoin hits new all-time highs, altcoins are likely to follow suit.