Bitcoin price started the weekend with continued growth, altcoins have returned to the bullish trend
Bitcoin price has increased slightly over the past 24 hours, helping the crypto market bounce back and push some cryptocurrencies higher. At the time of writing, BTC is changing hands at $37,911.
BTC/USD 4-hour chart | Source: TradingView
Can one expect a Bitcoin price market reversal soon?
In the past 24 hours, the Bitcoin price traded as low as $37,353, the highest recorded at $38,716. According to CoinMarketCap, Bitcoin traded during this period was $17.1 billion, with a market cap at $727 billion.
Bitcoin’s good momentum has caused many other large-cap cryptocurrencies to rise sharply, helping the crypto market to turn green. Specifically, Ethereum is up 2.39% to $2,601, Binance Coin (BNB) is up 0.65% to $386, Cardano (ADA) is up 0.9% to $1.06, Solana is up 4.05% to $95.5, XRP is up. 1.04% to $0.617, Dogecoin (DOGE) up 0.65%.
Total market capitalization was also increased by more than 2% to $1.729 billion.
Recently, the price of Bitcoin in particular and the cryptocurrency market, in general, have been relatively negative. Observing market movements, it can be seen that the Bitcoin price started to decline after the US Federal Reserve (Fed) announced that it would remove stimulus measures for the economy and would raise interest rates early this year to combat inflation.
Bitcoin also plummeted after Kazakh President Kassym Jomart Tokayev ordered its telecommunications service provider to cut off Internet service, making it impossible for crypto miners in Kazakhstan to “mine” the cryptocurrency.
Currently, the virtual currency industry faces a series of obstacles, especially skepticism about its ability to fight inflation and widespread popularity. Even digital currency exchanges are considered the main subjects of increased regulation by the US Securities and Exchange Commission in 2022. The Central Bank of Russia may also propose a ban on Bitcoin mining and trading.
Despite facing many difficulties, Finder’s experts were recently surprised by forecasting that the Bitcoin price will peak in the next few years. It is predicted that by the end of 2025, the price of Bitcoin will reach 192,800 USD, and by the end of 2030, the world’s most valuable cryptocurrency by market capitalization will reach $406,400.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
Read more:
- Bitcoin Price Recovery Attempts Continue With The Asset Aiming To Overcome $38,000
- Bitcoin Price Held Above $37,000, Some Altcoins Began To Stabilize After A Volatile Week