Bitcoin Rally After Falling 8% Amidst Sell-offs

Bitcoin Rally After Falling 8% Amidst Sell-offs

Bitcoin rally at $54,246 after the 12 years old digital asset plunged 8% in 7-day trading session amidst swam of sell-offs that hit the cryptocurrencies market. 

On Friday, Bitcoin gain started mid-afternoon trading sessions as prices range from $54,400 to $54,800.

The rally however saw that the leading digital market cap jumps to $1.02 trillion, according to cryptocurrencies market data.

It was noted that the overall market capitalization of all 8,500+ coins in existence is around $1.59 trillion on Saturday morning.

According to coinmarketcap.com, the live Bitcoin price today is $54,246.99 USD with a 24-hour trading volume of $46,679,256,760 USD.

It said Bitcoin is up 2.49% in the last 24 hours.

“The current CoinMarketCap ranking is #1, with a live market cap of $1,012,567,129,351 USD. It has a circulating supply of 18,665,868 BTC coins and a maximum supply of 21,000,000 BTC coins”.

It would be noted that Bitcoin prices have seen some improvements after the price slid from $57,207 to a low of $50,360 on Thursday.

Though price has spiked, but down 5% for the week on March 27, 2021.  Bitcoin dominance among all the other coin valuations combined is around 59.3% while Ethereum (ETH) captures 11%.

Market data shows that BTC is still up over 16% for the month, 109% during the last three months, and 763% against the USD for the year.

This week the cryptocurrency community was pleased to hear that Elon Musk revealed that the electric car company Tesla will now accept BTC for purchases.

The CEO of Zumo, a digital wallet and payments platform, Nick Jones believes more brands will join Tesla’s lead.

“We’re delighted to see that Tesla is now accepting Bitcoin as a form of payment for their products,” Jones explained.

“The increased institutional investment and market support of cryptocurrency from such brands is a key indicator of not only its long-term value but its contemporary relevance.

Knowing that over half of UK crypto owners have purchased this currency in the last six months, I’d imagine that more brands will follow suit,” the Zumo CEO added.

Analysts said the absence of action brought a measure of relief, with prices ticking up to about $53,800, allowing the 12-year-old digital asset to reclaim its losses from the past couple days.

With March coming to an end, one analyst said Bitcoin should get “a nice tailwind” as hedge funds rebalance for quarterly reports or to manage risks.

Ether (ETH) was up on Friday, trading around $1,665.85 and climbing 3.68% in 24 hours as of 20:00 UTC (4:00 p.m. ET).

Bitcoin Rally After Falling 8% Amidst Sell-offs