Cryptocurrency markets have begun to experience the best days of recent times. Bitcoin, the most popular cryptocurrency, pinned above $ 30 thousand for the first time in almost a year. As such, other cryptocurrencies and tokens began to appreciate. So why did Bitcoin rise and how is the general situation in the markets?
In fact, Bitcoin (BTC) has been pushing for $30,000 for a while, but the selling pressure was getting in the way. In the morning, this situation changed and BTC, which could not exceed the 29 thousand band, rose to the level of 30 thousand 400 dollars. The cryptocurrency, which last saw this level on June 10, 2022, fell to the level of 15 thousand dollars in November. At the last stage we have reached, we can say that Bitcoin has gained 100 percent value in 5 months.
Here is the current price chart of Bitcoin
Bitcoin 3-month price chart. Source: Coinmarketcap
BTC, which has gained more than 6 percent in the last 24 hours, looks like it could start a new rally, especially in altcoins.
How is the status of altcoins?
The rise in Bitcoin has had a positive impact on almost all altcoins. In this context; Ether (ETH) valued around 3%, 1.916 dollars, 4% valued Binance Coin (BNB) 327 dollars, 4% appreciated Ripple (XRP) 0.52 dollars, 4% appreciated Cardano (ADA) 0.4 dollars, Polygon (MATIC), valued around 2.5, reached the level of $ 1.12, and Solana (SOL), valued around 8 percent, reached $ 22. Dogecoin (DOGE), which is openly supported by Elon Musk, did not react to this rise at the desired level. This is because DOGE jumped from $0.07 to $0.10 a few days ago with the influence of Elon Musk himself.
The market volume of crypto money markets is relatively low.
The “market volume”, which means the size of the money in crypto currency exchanges, is low compared to the past. According to Coinmarketcap data, the total money in the market is $1.23 trillion as of now. However, this amount was at the level of 3 trillion dollars towards the end of 2021. The appreciation of Bitcoin and other altcoins can increase the inflow of money into the market.
*This content cannot be considered as investment advice.
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