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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.

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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

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