Bitcoin Surpasses $30,000 as Crypto Market Cap Sees $60 Billion Flow in 24 Hours
Since November 2021, when it hit an all-time high, the market capitalization of all cryptocurrencies has shrunk by more than $1.5 trillion, with Bitcoin losing more than 60% of its value in just six months.
According to data from CoinMarketCap, the price of Bitcoin is up more than 10% in the last 24 hours, trading at $30,628 at the time of writing.
The price of Bitcoin fluctuated between $28,000 and $31,000 in the last few days. Monday’s rally reflects a 16% rise from the 18-month low hit mid-month.
Data from CoinMarketCap indicates that the market capitalization of all cryptocurrencies has increased by more than $60 billion in the last 24 hours, following Bitcoin’s move into the green zone on Monday.
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Strategists at JPMorgan Chase say that Bitcoin has “strong upside potential.” (Verve Times)
Is Bitcoin showing signs of recovery?
“Bitcoin is finally in an uptrend, said Michael van de Poppe, a cryptocurrency trading analyst. $35,000.”
The largest cryptocurrency by market capitalization has seen nine consecutive weeks of negative data, forcing many investors to adopt a risk-averse attitude.
According to market trackers, this is the first time in the brief history of cryptocurrencies that Bitcoin has traded in the red for nine consecutive weeks.
Meanwhile, DeFi’s 24-hour volume is nearly $6.9 billion, or 9.93% of the entire cryptocurrency market’s 24-hour volume. Currently, all stablecoins are worth $60.81 billion, or 87.65% of the total market cap, while altcoins like Cardano, Dogecoin, Ethereum, and Shiba Inu are up a few percent.
A breather for crypto traders
The price of Bitcoin has risen in the last 24 hours, which indicates that the bulls are buying the dip. Although the price of BTC has fallen by around 31% this month, its rise in price in the last 24 hours is a relief to traders.
Crypto analysts note that BTC may need more time to develop its full potential. However, it may break above the $30,000 mark if buyers extend support.
Total crypto market capitalization at $1.25 trillion on the daily chart | Source: TradingView.com
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Analysts at JPMorgan Chase say that Bitcoin has “strong upside potential” and contributed to a recent change in market sentiment.
For his part, “a relief rally is long overdue,” said Hayden Hughes, managing director of social media trading firm Alpha Impact.
The cryptocurrency, according to Hughes, is coming out eight weeks in a row in the red “and has been technically oversold at levels we normally rarely see near the bottom of bear markets.”
Qamarshah Featured Image, Chart from TradingView.com
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