Bitcoin price has risen almost 3% after the recent plunge, letting a series of small-cap cryptocurrencies with additional momentum for growth

Bitcoin price has risen almost 3% after the recent plunge, letting a series of small-cap cryptocurrencies with additional momentum for growth, helping the market green. Earlier in the day, Bitcoin was trading at around $ 36,622, up 2.13%, or an increase of $ 740. During the last 24 hours, the lowest trading BTC price was recorded at $ 34,816 and as high as $ 37,440.

bitcoin-price-has-risen-almost-3-after-the-recent-plunge-letting-a-series-of-small-cap-cryptocurrencies-with-additional-momentum-for-growth2

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price turned up 3%, the market flooded green

According to statistics from CoinMarketCap, the volume of Bitcoin transactions during this period was $ 49.5 billion, capitalization recorded at $ 683 billion. Many large-cap cryptocurrencies also turned around in Bitcoin. Specifically, Ethereum rose 1.03% to $ 1,253, trading at $ 25.9 billion, market cap reaching $ 144 billion. XRP also increased 4% to $ 0.291 pushing its market cap to over $ 13 billion.

However, there are also some coins going against the market such as Cardano down 5.8%, Polkadot down 6%, Chainlink down 6%, …

bitcoin-price-has-risen-almost-3-after-the-recent-plunge-letting-a-series-of-small-cap-cryptocurrencies-with-additional-momentum-for-growth

Source: CoinMarketCap

Bitcoin plummeted, losing a critical $ 40,000 is a pity. However, according to Pantera Capital, an investment firm and hedge fund, BTC’s current price action is closely following the trajectory of the S2F pattern. Hence, analysts at Pantera Capital believe that Bitcoin will reach $ 115,212 by August 2021. However, many views express confusion about the future of Bitcoin.

Bitcoin skyrocketed in 2020 and early 2021. The reason for this rise lies in the increasing number of investors pouring capital into the cryptocurrency market. In the context of the COVID-19 pandemic, the central banks around the world forcefully lowered interest rates and pumped money to save economic growth, causing devaluation pressure on fiat, paving the way for the rise of safe-haven assets. like gold or Bitcoin.

Besides, many investors believe that once Bitcoin is fully mined, the value of the digital currency will only increase. A series of big names in the world financial market such as BlackRock, Square, PayPal … recently have statements or actions in favor of Bitcoin.

You can see the BTC price here.

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