Optimism cascades back into the Crypto market as the Bitcoin market cap surges past the $900 billion milestone. Analysts attribute the cause of this surge to the government’s decision to provide federal aid to the pandemic-stricken economy.
There seems to be a fresh gust of investor confidence in the crypto market. This is good news for those participating in the market, especially after last week’s decline in Bitcoin prices. The crypto market added a new 5% to its market cap in the past 24 hours. It currently caps at over $1.5 trillion globally. After the massive BTC crash, the total market has regained $200 billion in the past two days.
Bitcoin On The Rise Again
In the case of the leading cryptocurrency, BTC has surged by 2%. Overnight gains surpassed about 8%. Thanks to these latest metrics, leading brokerage Goldman Sachs has announced that it will resume its Bitcoin Futures trading operations from the middle of this month. The financial services giant has ceased its BTC trading after the massive BTC crash of 2018.
In other news, Big buyers like MicroStrategy have announced that it will add another $15 million worth of BTC to its digital wallet. This is on top of the $4.3 billion stash that they already occupy. The past two days have seen a steady rally for the BTC market. This boosts investor confidence in the crypto market. Though there is still some time before BTC reaches the $1 trillion mark, the rally was a much-needed enterprise. This is because investors were pulling back owing to extreme volatility.
Not only Bitcoin, other crypto coins like Ethereum are also up by 5.3%. Binance added another 7.4% and Chainlink saw an upside of 12.49%. However, Cardano has been moving in the opposite direction. Its performance dropped by 5.45% much to analysts’ notice.