A tremendous rise was seen in the world’s largest cryptocurrency on Saturday. The special thing is that the price of Bitcoin jumped from the lower level of 60 thousand dollars on Friday and crossed the level of 71 thousand dollars on Saturday. On the other hand, there is tremendous growth in cryptocurrencies i.e. Ethereum, Solana, Dogecoin, Cardano etc. On Friday it seemed that there would be a further decline in the prices of Bitcoin and the price of Bitcoin would come close to 50 thousand dollars. But this did not happen and by bouncing back on Saturday it made the world realize its strength. Talking about the overall cryptocurrency market, a growth of more than 9 percent has been seen. Let us also tell you what kind of figures are being seen in the world of cryptocurrency.
Tremendous increase in the price of Bitcoin
Bitcoin has recovered from Friday’s low of $60,000 to reach above $71,000, indicating stability after a major decline. Bitcoin had reached the day’s high of $71,681.31 during the trading session. In the last 24 hours, Bitcoin was trading with a rise of more than 10 percent. According to data from Coinmarketcap, at 1:50 pm, the price of Bitcoin is trading at $ 68,115.86, up by more than 5 percent. Whereas in the last one week, there has been a decline of about 19 percent in the prices of Bitcoin.
Status of other cryptocurrencies
If we talk about other cryptocurrencies, then the world’s second largest cryptocurrency Ethereum saw an increase of 9.23 percent and its price increased to $ 2,083. The special thing is that in the last one week, there has been a decline of about 25 percent in the price of Ethereum. Among major altcoins, BNB, This comes after the steepest two-week decline since, signaling a potential turning point.
The decline did not occur due to this
Sehgal further said that this decline was mainly due to macro factors. That was due to risk aversion and a reduction in leverage, and not due to any structural weakness in crypto. Overall, the market seems to be moving from nervousness to cautious optimism, indicating that the worst of the downturn is probably over, although volatility is likely to remain high in the near future. According to CoinMarketCap, global crypto market capitalization increased by 8.6% to $2.42 trillion.
It’s been a week since there has been a big decline
Last week, Ethereum and Bitcoin declined by 22.62 per cent and 15.68 per cent, respectively. Among major altcoins, BNB, The instability observed is driven primarily by technical factors and a sense of caution, rather than any fundamental change in the ecosystem.