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In the last 24 hours, the Cryptocurrency market has gained $ 19 billion from $ 248 billion to $ 257 billion. as major cryptocurrencies, including bitcoin and Ethereum recovered from their recent losses, as the price of bitcoin increased by 4%.
The rise of Bitcoin
On April 6, the price of bitcoin went from $ 7,000 to $ 6,500. Traders anticipated a potential decline of $ 6,000 from the annual floor, with the bitcoin price remaining at $ 6,000 for several hours before bouncing back to $ 6,600. If the price of bitcoin had not rebounded from this level and kept the $ 6500 barrier, the price of bitcoin could have dropped to the $ 6,000 mark.
However, over time, bitcoin began to show some volumes of purchase, and it took off on April 7. Finally, within 24 hours, the bitcoin price went from $ 6,500 to $ 6,950.
The April 15 Bitcoin 15-minute candle chart clearly showed the end of its $ 6,600 to $ 7,500 corrective rally, which could have been key to the near-term recovery of bitcoin to the region of $ 8,000. Over the next few days, bitcoin could monitor the $ 8,000 area if it can go back up to $ 7,500 and test the $ 7,800 level.
Throughout the day, Bitcoin showed signs of recovery, and if this rally wins the $ 7,000 region, it is likely that bitcoin could reach the $ 7,500 mark, as was the case this week.
Overall, the market has also become optimistic about the entry of institutional investors into the cryptocurrency space. In December, investors were expecting a wave of retail traders to enter the bitcoin sector via the bitcoin futures market. But, volumes on the bitcoin futures market were virtually nonexistent, and demand from institutional investors from the West was a disappointment.
This week, George Soros and Soros Fund, a fund founded by the legendary investor of $ 8 billion, announced that they were preparing to negotiate cryptocurrencies, as well as the following. reported Bloomberg. In the last three months, several large hedge funds like Fortress have left the space. If new capital comes on the market in an extremely volatile period like this, it could help Bitcoin recover from its past losses.
"Adam Fisher, who oversees macro-investment at Soros Fund Management in New York, has obtained internal approval to exchange virtual coins over the past few months, even though he does not want to buy a single room. has not bet yet, according to people close to the file.A spokesman declined to comment, "read the Bloomberg report.
Since April 4, Ontology has been the most successful alternative cryptocurrency against bitcoin. Over a period of three days, the value of ontology has nearly doubled compared to bitcoin on Binance, the world's largest currency exchange. Several altcoins like ICON have also performed well against bitcoin, causing excitement in the cryptocurrency space.
Nevertheless, although several altcoins have surpassed bitcoin in recent days, it is not certain that the season will come in the short term. Since January, the domination of bitcoin on the cryptocurrency market has intensified, and it will likely increase as a new capital flow in space.
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