Bitcoin price has been hovering above the $6,500 mark after rising from $5,800 yesterday. As the equity markets remain under pressure, the cryptocurrencies are showing strength. Bitcoin seems to be in a better position, as the increasing number of people are searching for it on Google in order to find out what it is and then buying the coins.
The king of cryptocurrency Bitcoin has gained over 13 percent since yesterday. At press time, Bitcoin is trading at $6,670.37. While the queen of cryptocurrency, Ethereum, also gained over 12 percent. The XRP received a boost of 7 percent. The market capitalization of cryptocurrency rose by 20 billion, and this is a positive sign.
Bitcoin price is up what to expect next?
Earlier, the capitalization was drying out hard, and the market whales dong everything in their capacity to save the market. It is assumed that whales are utilizing USDT for entering the cryptocurrency market. As the market whales enter the market, Telegram bots report around ten to sixty million worth dollars transactions in various blockchains.
Bitcoin price chart by Trading View
At the time of writing, the Bitcoin market capitalization is $123,195,621,164 USD, which tends to indicate that it has gained since yesterday. From the beginning of this month, the market was in the process of selling stocks, and resultantly, cryptocurrency witnessed harsh times.
Up till 12-13 March, Bitcoin price was losing up to 40 percent of its value along with almost 40 percent of the hash rate of the network. For about 2 hours, the market cap witnessed a $935 billion decrease. Weak hands created a domino effect and dragged the prices down.
However, with the end of March approaching, the cryptocurrency market seems to start stabilizing.
Looks like it’s back where it started. It would have been better to understand and report why the temporary surge occurred but I’m not a journalist and I’m not about to do your job for you by explaining.