On Monday, bitcoin advanced by 11% and exceeded the level of $53,000. This happened after the most significant drop since March 2020. On April 23, the first cryptocurrency slid below $50,000. The local bottom of $47,250 was broken at night from Sunday to Monday. According to the data provided by Glassnode, the seven-day moving average of the number of active addresses decline by 86% to the lowest levels in the last 6 months. This was mainly caused by the news about a higher income tax for US citizens, whose annual income exceeds $1 million. This news has significantly lowered appetite to risk assets.
However, on the first day of the week, bitcoin received buyers’ support and managed to rise. As a result, BTC had passed the level of $53,645 by the moment I wrote the article. The trade volume also jumped by 28%. This is quite a positive sign. Although bitcoin’s market capitalization declined below $1 trillion, it stopped falling after the weekend.
Today’s rise in BTC was quite predictable. Analysts suppose that any drop in a crypto asset is just a local downward correction and an opportunity to buy the asset at a lower price. Real Vision CEO and co-founder Raoul Pal is sure that the recent slump in bitcoin is a pause before a rally. That is why most investors did not get in panic, monitoring the BTC chart. As a result, this mood led to a rise in the asset. At the same time, a drop in the stock market also contributed to the crypto market stabilization. Investors understand that the stimulus measures will be in force for a long time and the US government will continue injecting money into the economy. That is why a part of the investment portfolio of market participants will belong to bitcoin.
Alternative cryptocurrencies have also gained in value. Thus, Ethereum, Ripple, and Cardano added by more than 10%. Ethereum showed the sharpest daily increase since March 1, jumping to $2,499. Altcoin’s market capitalization surged to $283.32 billion that is 14.68% from the market capitalization of all cryptocurrencies. At the same time, Ripple grew by 10.22% to $1.5659 per coin. Its market capitalization totaled $51.46781 billion that is 2.64% from the market capitalization of all cryptocurrencies. Cardano advanced by 10.05% to settle at $1.209507. Its market capitalization jumped to $38.561492 billion that is 1.93% from the market capitalization of all cryptocurrencies.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.