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With the Crypto Market Gaining Pace, Can Bitcoin Lead the Recovery?

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VOC, Voice of Crypto, Bitcoin, BTC, price

Crypto markets are seeing a significant inflow of money as more people invest in cryptocurrency. In the last 24 hours, the crypto market turned green as nearly $70 billion in inflows entered the market from around the world. 

 

Crypto market cap 1-day chart

Crypto market cap 1-day chart | Source: CoinMarketCap   

The market cap for crypto has seen an increase over the last day, increasing by 6%. The global crypto market cap was at  $916.04 billion at press time. 

Bitcoin Price Resurgence 

Bitcoin rose to over $22,000 last Wednesday after sinking close to the $18,500 mark over the weekend. Currently, BTC is trading at $20,646.64, up almost 4% over the last day.

VOC, Voice of Crypto, Bitcoin, BTC

BTC Price | Source: CoinMarketCap

Bitcoin is still down by over 28% compared to its price last week. The recent fall in the value of Bitcoin has caused MicroStrategy to lose more than one billion dollars. Last week, questions arose about whether MicroStrategy may be forced to sell part of its Bitcoin holdings or add more collateral.

The company has taken on an unprecedentedly large loan from crypto bank Silvergate Capital, with collateral composed of 19,466 Bitcoins. According to the loan’s terms, the company would be forced to trigger a margin call if Bitcoin trades below $21,000.

Michael Saylor, the CEO of MicroStrategy told reporters that they predicted that Bitcoin would be volatile in price but he planned to ‘HODL through adversity.’

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Despite the volatility of Bitcoin, CEO Michael Saylor notes that it has never traded at a price lower than its four-year simple moving average. The durability of Bitcoin means that no one has ever lost money by purchasing it and holding for more than four years after making the purchase.

Altcoins Turn Green

The price of Ethereum has been on a wild ride after BTC’s short-term uptick. It’s grown by over 10% in the last day, but it is down 5% from its value one week ago. Solana (SOL), sometimes referred to as an ‘Ethereum killer’ is up 10.87% in the last 24 hours and is trading at $35.77.

Notably, in terms of gains, Elrond leads among the top 100 cryptocurrencies by a margin up as much as 24%. It is trading currently stands at $51.82.

 

 

 

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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