Bitcoin price rose, surpassed $ 37,000, reversed impressively after the “bloody” correction
Bitcoin price and many cryptocurrencies have just had an impressive reversal after a bloody correction since the beginning of the week. At press time, Bitcoin recorded a price of $ 37,307, recording a near 13% gain over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
The bulls are back, Bitcoin price has skyrocketed by over 10% in the past 24 hours
During the last 24 hours, Bitcoin was trading as low as $ 32,402 and the highest at $ 37,798. As observed from CoinMarketCap, the volume of Bitcoin transactions over the period above was $ 69.8 billion. Market cap recorded at $ 697.6 billion.
It is not clear why Bitcoin has returned after a series of “bloody” declines. However, CryptoQuant CEO Ki Young Ju contends that institutions that have poured money into Bitcoin will prevent BTC from falling below $ 30,000. According to Ju, when Bitcoin was trading in the $ 28,000 – $ 30,000 range, there was a massive buy from institutional investors on crypto exchange Coinbase.
There are many institutional investors who bought $BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high.
Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it wouldn’t go down below 28k. pic.twitter.com/3GXLpjyWbp
— Ki Young Ju 주기영 (@ki_young_ju) January 13, 2021
Bitcoin soared with many other cyptocurrencies. Ethereum this morning rose 5.2% to $ 1,123, market cap reached $ 129.5 billion. Ripple increased 3.6% to $ 0.3055, Polkadot increased by 30.08%, Litecoin increased by 8.9%, Cardano increased by 8.9%, Bitcoin Cash increased by 7.8% … Total market cap recorded at $ 1,010 billion, up 10.46% compared to yesterday.
Bitcoin is a cryptocurrency with great price fluctuations. In 2020, cryptocurrencies have grown by 300%, becoming the fastest-growing asset. Interest in Bitcoin surged as institutional investors started buying in large volumes.
You can see the BTC price here.
- Bitcoin Price Has Begun To Drop Lower Once Again Despite The Flush On Monday To $30,000
- Stefan Thomas, A Former Ripple Labs Executive Has Almost Certainly Lost Over 7,002 Bitcoin Just For Forgetting The Wallet Password