Bitcoin price has risen above $ 56,500 after a series of short days of decline that caused many players to panic to sell off
Bitcoin price has rebounded above $ 56,500 after a series of short days of decline that caused many players to panic sell-off. Previously, Bitcoin and Ethereum surged to hit simultaneous all-time highs early last week, tapping $ 65.000 and $ 2.500 respectively as Litecoin rose above $ 300 for the first time in three years. Yet the buying party came to an abrupt end when the highly-anticipated Coinbase listing failed to push prices even higher. Euphoria turned to fear as traders sold the news, prompting Bitcoin to plunge 15% before bouncing.
When the dust had settled, Bitcoin was down 5% on the week. Ethereum fared slightly better with 5% gains.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price turned around slightly up
Bitcoin is temporarily standing at $ 56,565, up to $ 711 from the same period yesterday. Statistics show that, in the last 24 hours, the lowest trading top cryptocurrency price recorded at $ 53,442 and the highest at $ 57,121. Data from CoinMarketCap shows that the volume of Bitcoin transactions over that period reached $ 68.8 billion, market capitalization reached nearly $ 1,056 billion.
Many large-cap altcoins are also skyrocketing with Bitcoin. Specifically, Ethereum increased by 6% to $ 2,328, market cap was recorded at $ 269 billion. Binance Coin increased 13.6% to $ 528, market cap recorded $ 88.3 billion, transaction volume over the past 24 hours reached $ 9 billion. Some smaller cryptocurrencies like Ripple, Cardano, and Bitcoin Cash also increased by 2% – 3%.
In contrast, the market also recorded many cases of discounts such as Dogecoin decreased 17%, Tether decreased 0.1%, Polkadot decreased 0.17%, Litecoin decreased 1.7%.
Before that, just days after reaching a record price, Bitcoin fell the most in more than 7 weeks when it was announced that the US authorities would tighten the controls. According to CoinMarketCap, Bitcoin price has dropped 10.5% in the last 7 days.
However, since the beginning of the year, Bitcoin has continuously increased in price, leading to the increase in the price of many other altcoins. In the past 1 year, Bitcoin has increased in price by more than 800%, causing the total value of the altcoin to exceed $ 1,000 billion.
The reason is attributed to Bitcoin becoming increasingly mainstream in both investment and transaction. Especially when many electronic payment channels like PayPal or Square started to allow transactions with Bitcoin.
At the same time, several cult finance companies on Wall Street (USA) also started pouring money into Bitcoin. There has been a shift in investment flows from gold to Bitcoin. All make cryptocurrencies in general and Bitcoin in particular flourish strongly.
You can see the BTC price here.
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