Bitcoin (BTC) price led the wider altcoin market in a mild rebound on Wednesday, September 3. The flagship coin extended the gains recorded during the past three days to reach a range high of about $112,517 during the mid-New York trading session.
Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) led the large-cap altcoins in today’s mild rebound. As a result, the total crypto market cap edged $1.4% higher to hover about $3.97 trillion at the time of this writing.
Bitcoin price followed Gold and the wider stock market rebound on Wednesday. After consolidating since April this year, the Gold price has rallied nearly 7% during the past three days to reach a new all-time high (ATH) of about $3,563 per ounce at the time of this writing.
The rising demand for gold has seen its use as a global reserve currency increase while fiat currencies led by the U.S. dollar and the Euro decline. According to Ray Dalio, billionaire hedge fund founder, the demand for hard currencies such as gold and Bitcoin will continue to grow as countries grapple with unsustainable debt-to-GDP ratios led by the United States.
Bitcoin price rebounded on Wednesday above $112k partially fueled by a technical tailwind. In the daily and weekly timeframe, BTC price rebounded from the support level around $108k, which also coincided with the short-term MVRV Indicator.
According to crypto analyst Benjamin Cowen, the Bitcoin price has historically found a bottom in September of the post-halving year ahead of its Q4 cycle top.
Bitcoin price has also experienced bullish sentiment in the past three days fueled by rising demand from institutional investors. According to market aggregate data from BitcoinTreasuries, 21 more entities have added Bitcoin to their treasury account, thus increasing the group to 314 led by Michael Saylor’s Strategy.
Traditional banking institutions have also adopted Bitcoin to retain their customers, led by U.S. Bancorp. Institutional investors are banking on the mainstream adoption of Bitcoin and the wider altcoin market fueled by clear crypto regulations.
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