Bitcoin price unexpectedly turned around and increased by $1,294, helping the capitalization skyrocket to approximately $ 925 billion

Bitcoin price unexpectedly turned around and increased by $1,294, helping the capitalization skyrocket to approximately $ 925 billion. Meanwhile, the leading cryptocurrencies also turned back to increase sharply. Over the last 24 hours, Bitcoin was trading as low as $ 47,032 and highest at $ 51,445.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price rebounded, but still could not cross the $ 50,000 threshold

According to CoinMarketCap, the volume of Bitcoin transactions in the period above was $ 65 billion, the capitalization was recorded at $ 924.6 billion.

Bitcoin, after a series of rapid price increases, has suddenly declined in recent trading days. In a report late last week, market strategist Matt Maley at Miller Tabak said Bitcoin is being overbought.

Besides, part of the reason for the coin to lose momentum is Elon Musk commented on Twitter about Bitcoin and Ether that the price seems high.

Microsoft co-founder Bill Gates also recently warned that investors could be caught up in crypto addiction. Specifically, he said Bitcoin trading is potentially risky, difficult to control and advises people to rethink investing in this currency, especially for those who are not financially rich.

Bill Gates is concerned that many people will be trapped if they invest in Bitcoin.

Besides, Bill Gates said that Bitcoin mining pollutes the environment because of the large amount of electrical energy consumed. According to him, cryptocurrencies like Bitcoin need to have clear regulations and everyone should comply.

However, there are still many individual and institutional investors who support Bitcoin.

This bright cryptocurrency market picture has brighter as most cryptocurrencies have seen strong growth. Specifically, Ethereum increased by 4.2% to $ 1,624, Binance Coin increased by 13.5% to $ 253.2, Tether increased by 0.18%, Cardano increased by 12.6%, Polkadot increased by 1.27%, Ripple increased by 1, 86%, Litecoin 3% …

Total market capitalization is currently recording at $ 1,510 billion, up 3.2% from 24 hours ago.

You can see the BTC price here.

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