The current price of Bitcoin is 15 percent above its March 11th value:
Bitcoin was trading at $46,831.53 on Monday (early hours) as Bitcoin’s prices shot up beyond the forty-five thousand US dollars mark. This is more than fifteen percent since March 11th. As the coin is up above 0.6 percent for the year, the global crypto currency market cap is trading at 2.19 Trillion dollars in the last day. The total crypto currency trading volume in the last 24 hours is $98.2 Billion. After gaining 4.7 percent in the last 1 day, Ethereum is trading at $3,298.46 and Dogecoin gained 8.3 percent and is trading at $0.148578. While Solana was up by 4.3 percent and Shibu Inu shot up by 5.4 percent in the last 1 day.
If Bitcoin breaks through in a meaningful way it will surge up:
This comes at the time of war (of Russia Vs Ukraine) which bolstered it against gold (its rival) that traded sideways during the period. Matt Maley, chief market strategist at Miller Tabak + Co says that if Bitcoin breaks through in a meaningful way it will surge up.
As the stimulus measures the Federal Reserves and Central Bank put in place in response to the pandemic downturn are removed, Bitcoin is stuck in a tight path. In addition to the less funding to move towards riskier assets like crypto, the digital currencies are under the scanner with the speculations on the rife that they might be used for skirting Russian sanctions, despite many analysts rebuffing that claim. All said and done Bitcoin rallied this month against a broader increase in the US stocks.
The crypto assets fell for a 5th consecutive month in a downward spiral:
Despite the fact that crypto-assets grew in March, the aggregate volumes fell to two hundred and fifty-nine million dollars (a decrease in thirty percent). The Bitcoin is put at around the eightieth to the ninetieth percentile and is in the overbought range after it went above its fifty-day moving average at forty-one thousand and eighty-five dollars. For many assets, this heralds a potential downturn however it is the opposite for Bitcoin.