Bitcoin rises 15% in 3 hours today. The move is seen as bullish by many analysts. However, it is still early to jump to a conclusion.
Bitcoin has been trading below $35,000 for the past five days. Nonetheless, we saw a price action on Monday when bitcoin went up 10% within a few hours. The price went on to hit $40K.
The crypto traders saw this as the bullish movement of currency. on the other hand, many thought that the currency may not stand its group above $35K for long. A violent squeeze happened as soon as the price of bitcoin went beyond $35,000.
At the time bitcoin has gained the most among the top 30 crypto assets on CoinMarketCap for the past 24 hours. The altcoins are yet to catch up with the pioneer cryptocurrency. Some enthusiastic traders came up with different indicators showing that the price is again in the bullish zone.
The altcoin market has also gained some value. DOT (Polkadot) and Link (Chainlink) have gained 11% in price. The pro-dogecoin billionaire Elon Musk has also kept tweeting memes about DOGE. However, his attempts at pumping dogecoin haven’t been fruitful this time around.
Bitcoin earned massive gains in the first quarter of 2021. The coin reached $64K in April. Nevertheless, the price of the currency went down in the coming months. The demand for bitcoin dried up resulting in a fall below $30K. The recent move is a breath of fresh air for hodlers.
The value of bitcoin rises with the increase in the currency’s demand. Although bitcoin is still believed to be a novel concept in the financial/technological world. Some governments are slowly realizing the potential of BTC but it still has a long way to go before being adopted as a mainstream currency.