Bitcoin is back after two weeks of falling prices. Technology stocks continue to decline as the US economy prepares for a new recovery.
Summary of the News
- Crypto stocks rebounded and soared in two weeks.
- Bitcoin and Ethereum were among the strongest performers.
- Technology stocks continue to decline as the US economy recovers.
Market Watch had announced that its assets like Bitcoin were in a difficult time; but the cryptocurrency seems to have regained its power.
Cryptocurrency Market Cap Rises 6% Overnight
The global market cap of cryptocurrency increased by 6% overnight, reaching $ 1.68 trillion. This indicates that the all-time high of $ 1.76 trillion achieved on February 21 is well approached. The cryptocurrency transaction volume also increased by 17.75%, according to data company Nomics.
Most of these gains came from the strong performances of Bitcoin and Ethereum. Bitcoin reached a market value of $ 1 trillion during Hong Kong trading hours before it retracted. However, the leading coin is moving at its highest level in the past two weeks.
Ethereum, the second largest crypto by market cap, managed to surpass the $ 1,800 level with a 7.6% gain. Among the projects with a market value of 10 – 40 billion dollars, Binance Coin increased by 5.5%, Polkadot by 4.9%, and Litecoin and Chainlink increased by 8%.
Why Are Crypto Markets Rising?
So what is it that keeps the markets in such a good condition? Apparently, institutional interest in cryptocurrency has remained strong even as market conditions have improved elsewhere. Goldman Sachs reported that it saw significant demand from institutions after announcing it reopened its crypto trading desk.
“The rise of Bitcoin and Ethereum is back because larger investments continue to flow into cryptocurrency,” said Edward Moya, senior market analyst at Oanda. Institutional interest still seems strong. ” said.
It is not difficult to understand the reason for this. Bitcoin has increased by 600% compared to last year’s price …
Dow Hits All-Time High
Yesterday was a mixed day for Wall Street. As the Dow hit an all-time high of the day, the tech-centric Nasdaq fell rapidly as the big names in the stock market took significant blows in stock prices.
Google’s parent company Apple and Alphabet dropped 4% yesterday on Nasdaq; Tesla, which experienced a 5% drop, continued to lose.