Bitcoin breaks $16,000! Renowned contrarian indicator CNBC bullish for another five months, crypto community: time to bail

Yesterday, with a series of negative news affecting the U.S. stock market, including a surge in COVID-19 cases and a sharp rise in the fear index VIX, the Dow Jones index fell by over 300 points. However, Bitcoin, which has recently been correlated with the U.S. stock market, saw an increase instead of a decline. Not only did it surpass $16,000, but it also reached $16,491, setting a new high for the year and returning to the levels seen on January 7, 2018.

Severe Pandemic Impact on Market

Despite the positive news from Pfizer on vaccine trial results announced on the 9th of this month, the United States reported a record-breaking 140,543 new cases on the 11th, marking the 9th consecutive day of over 100,000 new confirmed cases. This surge in cases led to a market downturn, with all four major indices experiencing declines ranging from 0.65% to 1.31%.

In the past 24 hours, Bitcoin saw an almost 5% increase, with a price of $16,402 at the time of writing. Analysts attribute this upward trend to the adoption by institutions such as MicroStrategy and Square, as well as the push for cryptocurrency trading functionality by global payment giant PayPal.

Market Cap Closing in on Mastercard

According to data from market cap tracking platform Asset Dash, after surpassing the $16,000 mark, Bitcoin's market cap also exceeded $300 billion, making it the 19th largest asset globally, closely following GPU manufacturer NVIDIA (ranked 17th at $332.4 billion) and Mastercard (ranked 18th at $327.2 billion).

The top three companies by market cap are Apple ($2.02 trillion), Microsoft ($1.62 trillion), and Amazon ($1.56 trillion).

Return of the King

Bitcoin's recent surge has once again solidified its dominant position, surpassing 65% for the first time since June 1st this year. During the previous DeFi trend that swept the crypto market, when the price of Yearn.Finance (YFI) reached $43,910 on September 14th, Bitcoin's market dominance dropped to 56.67%, the lowest level since June last year. At the time of writing, it has risen to 66.49%.

Bitcoin's strong performance has also caught the attention of traditional media. CNBC, a foreign media outlet, mentioned on the show "Fast Money" that Bitcoin's post-halving rally could last for a year, indicating optimism for several months of upward momentum.

Interestingly, CNBC has long been considered a "contrarian indicator" by the crypto community. After seeing CNBC's bullish analysis, many in the community believe that the upward trend may be coming to an end. Renowned analyst Josh Rager immediately stated:

Delete this tweet.

https://twitter.com/Josh_Rager/status/1327026543642591232

Trader Benjamin Bluntz mentioned, "I'm glad I took profits. This is exactly what I wanted to see, thank you."

In the past 24 hours, there have been few altcoins outperforming Bitcoin. Among the top 100 cryptocurrencies by market capitalization, SushiSwap (SUSHI) saw the highest increase, with a 24-hour gain of 9.11% at the time of writing.