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Saturday, May 21, 2022

Bitcoin Price Attempting A Run For $40K

The optimism of the crypto bulls has been on the rise across several cryptocurrencies like Bitcoin since the prices have started recovering. The last week’s volatility, which was caused by the pressure created by the Federal Open Market Committee as it met to discuss the hikes in the interest rates as well as monetary policy of the cryptocurrency sector- along with multiple fears that the situation with Evergrande would definitely ripple out to impact financial markets on a global scale.

According to data received from Cointelegraph Markets Pro and TradingView, the cryptocurrency was trading between a range of $43,000 and $44,300 on the 23rd of September, after which the BTC price spiked above $44,800.

Bitcoin Bulls Looking To Make a Climb 

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This sudden increase in the price of Bitcoin does align pretty closely with the announcement on Twitter which stated that users would now be able to tip other cryptocurrency users with token currencies like BTC- all thanks to its integration with Strike, which is a payment application that was built on the network of Lightning that enables transactions of low-cost BTC. 

The development of Bitcoin did come with the momentum of the entire ecosystem of cryptocurrency rising high- with Ethereum also coming back at $3,100. According to data that was released by cryptocurrency analysts, the balance of Ethereum which was held in reserves on the many cryptocurrency exchanges strewn across the country has reached an all-time low.

Along with Bitcoin, several other altcoins have made a leap too. Celer has been the biggest player on the 24-hour market after seeing the spike in price by 52% to a high of $0.14.  Other altcoins which have brought forth some impressive performances include COTI’s gain of 23%, a Tezos gain of 21%, with an Origin Trail rally of 20%. Currently, the market cap of cryptocurrency stands at $1.999 trillion, with the dominance rate of BTC set at 42%.

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