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.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Hyperliquid (HYPE) price has signaled a potential market reversal. The large-cap altcoin, with a fully…
RedotPay, a fintech company that specializes in stablecoin-based payments, has integrated Ripple’s cross-border payment technology…
The Cyber Monday sale officially ended last night, marking one of the best crypto presale…
Bank of America is making one of its biggest moves into crypto yet. Beginning in…
After a massive bloodbath last week, Yesterday Bitcoin dropped over 5% in a sharp sell-off…
Bitcoin is showing renewed strength as the broader crypto market stages a steady rebound, with…
