The fortunes of the leading cryptocurrency, Bitcoin, have continued to plummet, despite a few weeks of uncertainty. About three weeks ago, the cryptocurrency shed a record-breaking $10,000 in price in six hours, as its weekly struggle began. That led to a drop in its market cap of $1 trillion, which it attained a few days before the prices’ bloodshed. The situation caused an uproar in its investors’ camp, as many started to panic, while firm admirers believe that the cryptocurrency will bounce back soon. Fortunately, they were right, as the cryptocurrency currently trading around the $50K mark again has now hit the $1 trillion mark again.
Bitcoin starting to gain strength again
The dark days for Bitcoin, about two weeks ago, had drawn several comments even from its critics. A few critics believed that the end was near, while some even felt like the asset will eventually hit the zero mark, much to the displeasure of many crypto admirers and investors. However, the 8% gain of the last 24 hours now means that the digital asset has now crossed the $1 trillion mark again.
While it is still far from the $1.77 trillion mark it hit last month, and the new success is remarkable and should be applauded. The cryptocurrency struggles, currently trading at $53,234, now look to be a thing of the past, as investors have set their hopes high again. The high trading volumes and buying at the dip have seemed to aid the cryptocurrency fortunes, as it closes in on the $55K mark. It is also worthy to note that many institutional investors like Microstrategy and Square continued to boost their cryptocurrency investment portfolio during the dark days.
Micheal Saylor, CEO of Microstrategy and a frim admirer and investor in Bitcoin, confirmed that Microstrategy’s investment in cryptocurrency is currently worth $4.5 billion, despite only buying Bitcoin worth $2.2 billion. The Executive, also known as a Social Influencer of Bitcoin, had promised that his company would continue to commit more money to the digital asset.
The bad days might be over already
While the success of Bitcoin is remarkable and deserves applause, it is also worthy to note that many of the altcoins who also witnessed a drop in fortunes have also started to look good. Ethereum, the leading altcoin that outperformed Bitcoin early in the year, started to bounce back from the red week. The altcoin has gained more than 35% in the last week and has also crossed the $1,800 mark again, as investors now set sight on $1,900 before the end of the week. Polkadot’s DOT is another token gained in the last week, as the altcoin has now gained more than 6% in the last 24hours.
A few other altcoins like Litecoin, Chainlink, and ADA have also posted marginal gains in the last 24hours. However, many in the crypto space’s delight will be that the market is now looking good, as new investors are expected to invade the space. However, like investors, many analysts are hoping for the market to continue to hit a record high, as it looks like the bad days are over.