The volatility of the cryptocurrency market can never be overstated, as evident from the recent trends. Cryptocurrencies have probably seen the worst case of fluctuations in a long time caused by certain tweets and new mining policies by China.
However, good news for all fellow crypto enthusiasts as Bitcoin seems to be jumping back stronger than ever. After the dump, Bitcoin fell to $31,000; however, it has added $6,000 in two days, which subsequently led to an increase in market dominance by 43%.
Currently, Bitcoin is closing towards $38,000, much to the satisfaction of holders and investors. This growth can be associated with the bulls of the market, which helped the currency recuperate after observing the lowest in three weeks. According to recent data, Bitcoin’s market capitalization has reached nearly $700 Billion following the increase in market dominance percentage.
These positive developments may come as a shock to the investors as China recently took additional actions against the industry. But on the sunnier side, recently, El Salvador became the first country to give legal tender to Bitcoin and legally allow its transactions which are suspected to be one of the reasons for Bitcoin’s growth.
The Central American country also announced that the government would provide citizenship to individuals who invest 3 BTC in the country’s economy. It is a great step to promote crypto adoption by incentivizing its use.
ETH above $2,500
Coincidentally, Bitcoin wasn’t the only crypto to recover as Ethereum also saw a positive fluctuation in the price, which created a generally positive sentiment in the crypto market. Following the latest crash, several alternative coins also suffered heavily but have luckily stabilized to some extent now.
Ethereum fell to $2,300 but has jumped about $200 since then and currently value over $2,500. Similarly, Binance Coin also fell to $320 on Tuesday but has presently stabilized around $380. Apart from these, ADA, XRP, DOGE, BCH, and UNI also saw minor gains, while Polkadot surprised the market by showing an 11% surge.
It seems like the bear market for the cryptocurrency is finally over, and now the investors and holders can rest easy and see the market rise higher than ever.