The CoronaVirus scare and the bleak prospects affected Bitcoin’s price movements in the month of March when the infections were soaring high. After experiencing a major crash in prices, Bitcoin has been steadily moving up the price charts ascertaining its pre-bull run. Bitcoin Price (BTC) hit $8,000 on April 29th which together contributed to a power-packed buoyant market for Bitcoin.
After a near 7-week sabbatical from a good run, BTC/USD showed edging past the $8,000 slab which is a complete reversal from Bitcoin’s crash in mid-March. The march crash was mainly attributed to the dampened sentiments and an uncertain future after the covid-19 pandemic struck hard. The famed cryptocurrency dropped 60% in a day and reach an all-time 15-month low at $3,600.
The above chart highlights the increase in both the market cap as well as BTC directing our attention towards the new high it has achieved in a single day. With highs on exchange Bitstamp of $8013, it is a known fact that Bitcoin and crypto markets, in general, are highly volatile. BTC will still take some time before it firmly establishes its foothold at a dominant price. With BTC trying to establish grounds, its next target lies reaching $8500 as per Keith Wareing, an analyst with Cointelegraph.
In the current year, while BTC has been trying to reconcile its position, it has managed to beat Dollar and stocks. With an average of 9.5%, it is only a little behind Gold’s stellar performance at 12.1%.
With Bitcoin’s third block reward halving on the anvil in just 12 days, the enthusiasm surrounding the Bitcoin price continues to soar high. The halving is considered to drop inflation rates to 1.8% which will also halve the supply of new bitcoins that are released once every ten minutes. The much-awaited halving event is stated to raise a lot of interest in all sections. Media also believes that the halving will produce a set of new Bitcoin Millionaires!
Although the halving event has mixed reactions about how it might affect the price, BTC is translating the positive sentiments on the exchange with motivating price rise.
The latest updated price of Bitcoin crossed $9,200, let us know if you think the bulls are back?