Cryptocurrency Bitcoin is once again seeing a rise. Bitcoin has increased by almost 20% after jumping from a low of around $60,000 in February and on Thursday it was seen trading around $72,800. This rise has happened due to increase in institutional investment in the market. Bitcoin has risen about 7.5% in the last 24 hours. At the same time, Ethereum also increased by about 9% and reached the level of around $2,138. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano and Hyperliquid also recorded a gain of more than 8%. The total market cap of the crypto market has increased by about 6.31% to reach $2.46 trillion.
Gradual comeback in the market after recovery
According to Riya Sehgal, research analyst at Delta Exchange, after the decline at the beginning of the year, the crypto market is now showing gradual recovery. However, investor confidence is still not completely strengthened. He says that still about 43% of Bitcoin is with investors who are incurring losses. This can sometimes create selling pressure. But if the price moves strongly above $75,000, the path to $78,000 to $80,000 may open.
Investment in ETF and support from institutional demand
According to experts, the main reason for the recent rise is the increasing investment in spot Bitcoin ETFs in America. Renewed interest from large institutional investors has helped push prices to a one-month high. In the last one week, Bitcoin has increased by about 6% and Ethereum by about 3%. Whereas some altcoins like BNB, Solana and Hyperliquid saw a rise of more than 12%. On the other hand, a slight decline was also recorded in XRP, Tron, Dogecoin and Cardano.
what the experts are saying
Analysts of crypto exchanges say that the appetite for risk is increasing in the market and the flow of institutional investment is also strengthening. According to on-chain data, the market is still far from overheating, due to which there remains scope for further growth. According to industry data, hundreds of millions of dollars of new investments have come into spot Bitcoin ETFs in early March. Due to this the market structure seems to be strengthening. However, experts believe that due to macro economic conditions and global events, fluctuations may still persist in the crypto market.