The world’s biggest cryptocurrency is back in game along with the entire pack.
Investing is a matter of market knowledge and patience. And those who didn’t follow the herd “pump and dump” crypto investing a few months back, have already started reaping fruits for their perseverance. Bitcoin, that was treading down a frightening (for investors) graph of market price, is finally back in the game and for good. The most famous cryptocurrency, in its recent price rally, has already recovered more than 50% of the loss suffered during the eight-week long drought.
- Bitcoin market cap reaches back $2 trillion.
- Ethereum follows the lead with 92% jump since its lowest in July.
- Polkadot and Cardano benefit too with the crypto surge.
- Experts and analysts exceedingly bullish on Bitcoin prices despite the global crackdown.
Bitcoin has been rallying at a Godspeed now for four weeks straight, so much that experts and analyst are optimistic about the $100,000 prediction for the crypto by year end.
Despite Chinese crackdown and increasing government regulations on a global level, Bitcoin is increasingly defying all the criticism, including the high-emission argument. The governments continue to pose threat, discussing Bitcoin and a more serious crackdown in the future, at Congress. However, analysts are dodging aside any skepticism surrounding BTC.
BITCOIN AND THE REST OF THE PACK IS RALLYING STRONG
At the time of writing this, BTC prices stand at $46,000, a remarkable recovery from the $20,000 low.
“It’s still got plenty of room to get the old high,” Bloomberg Intelligence’s Mike McGlone said in a television interview. “And guess what? If it just follows Ethereum, it goes to $100,000,”He said.
The total market capitalization of Bitcoin was recorded at $2.4 trillion in May. This historic number was lost after the months of price drop that followed. However, with the recent upsurge in the Bitcoin euphoria, the market cap is once again back to $2 trillion. 25% of this valuation has been added alone in the last month, which amounts to $400 billion.
With this, Bitcoin has retained its position as the largest cryptocurrency with 43.7% share of the total market. It is followed by the next big player in the league, Ethereum, holding 18.9% of the total market.
WHAT IS BEHIND THE STRONG PRICE RALLY OF THE BITCOIN?
There are a plenty of reasons that add up to the exciting surge in Bitcoin prices, the major being institutional buying. Big players such as digital wallet PayPal are vesting their faith in Bitcoin. This is coupled by steady accumulation by retail investors. Another big reason why BTC is soaring, is the billion dollar funding that crypto startups like U.S.’s Coinbase and India’s Coin DCX are securing.
However, it is not only Bitcoin that is increasingly pacing on the path. Ethereum is another golden crypto that witnessed a notable boom in market value after the news of an upgrade went out. The facilities of deposits and withdrawal for Ether that trading platforms earlier stopped, were restored on Friday.
A jawdropping 92% of jump was recorded in the prices of Ether from its lowest in July. The crypto has a market capital of roughly $370 billion, which makes it the second largest crypto after Bitcoin.
Other winners in the price rally are Cardano, Polkadot and Matic Network.