After declining to a yearly low in the past trading, the price of Bitcoin has bounced again. It has increased to $4,120 after a declining trend that most market analysists thought wouldn’t get better. This was one of the best ways of ending the weekend and starting off a new week.
Improvement From Last Week’s Price
At the end of the weekend, the leading cryptocurrency in terms of the market cap was trading at $4,120. This was considered to be a good way of ending the weekend, considering how the market had been in the previous week. Bouncing back past $4,000 came as a sign of some improvements ahead and a sign of relief to some traders. Earlier in the day, the flagship virtual coin was trading below $4,000 and market traders were worried the trend could continue. This was a new yearly low for the top virtual coin.
New Yearly Low
According to Coinbase, the price of Bitcoin greatly dropped and was trading as low as $3,456. This new BTC price report didn’t go well with most market traders and analysts who thought the worse was to come. All these happened just a day after the Bitcoin and US Dollar pair came down below the support of $4000. This was happening for the first time in 2018 history, and it came as a great surprise.
However, a moderate recovery was catalyzed b the drop below the $4,000 mark. A surge in buy volumes that ensued later greatly helped the virtual coin. It was able to carry the leading coin back to the direction of $3,900. This is what gave it the necessary support to strike back to $4,000. Before 21.00 UTC, the flagship crypto was already trading at over $4,000. Just an hour later, the BTC/USD pair shot to a high of $4,120, which happened within a very short period of time and after a great struggle.
The New BTC Market Capitalization
The recovery did a lot of good things to Bitcoin. Apart from saving its general price, the market cap was also not spared. It was brought to $70 million, which was an increase of 3.26% within 24 hours. Apart from Bitcoin, there are also other virtual coins that have recorded great results. With the exception of Bitcoin Cash and Ripple, both of which remained in the red, a number of large-cap cryptos have also recorded certain gains. The highest performer in the index is Litecoin, which is ranked seventh on the general crypto list. It has been able to grow up to $30.73, which is 5.18% for the day.
Could This Be The True Bitcoin Recovery?
There is much that remains to be seen with this new development. could it be a real recovery or just some sort of dead cat bounce? A huge percentage of the recent selling has been the investors who bought the coin early last year. They bought it at the time it was trading at $1,000. Michael Moro, the CEO of Genesis Trading says there is much yet to come. According to him, the price of BTC might even drop to $3000. This would be a 25% market decline.