Is Bitcoin Making a Recovery?
Bitcoin, after almost two months of downward trends, seems to be making a small recovery over the last two days. It started off last week at sub $4,000 USD, however, this week, Bitcoin started off exactly at $4,000 USD.
Bitcoin made a slight rise on Saturday of about 3.99% but that was partially reversed by the losses the market took on Sunday. However, today the market is at a comfortable above $4,000 USD mark which seems to be the beginning of the recovery of Bitcoin.
The coin, in intraday volatility, has been bouncing in the $3,900 to $4,200 USD zone. It started the day at $4,012 USD and then went up for a while before dropping down to $3,990 USD again. But a couple of hours after that, Bitcoin saw a bigger hike when it went right up to $4,206 USD.
Capital is Flowing Into the Market
While today’s gains are specific to Bitcoin, over the last two days there have been gains for all the cryptocurrencies in the market. Bitcoin Cash made a recovery of almost 30% and proved that it has left the after-effects of the hash war far behind. And the same can be said for its opponent, Bitcoin Satoshi’s Vision which made 17% gains. Another coin that did exceptionally well over the last couple of days is TRON. TRON has made gains close to 26.99%.
The reason these coins did so well in the last couple of days is that there is a sudden cash flow into the cryptocurrency market and it is really helping reverse the bearish trend that the cryptocurrency market has been facing over the last couple of months.
Mining Volume Increases
These positive movements that the cryptocurrency market has shown over the last two days, has increased mining activity and support for the cryptocurrency. There is a strong need for the mining force to return to the Bitcoin, but up until recently, when the market was showing no signs of reproach, it was becoming unprofitable to continue mining the coin.
However, now with the coin showing a positive hike upwards, the cryptocurrency community, specifically the Bitcoin community, is returning to mining. With an increase in the number of people mining, the cryptocurrency will only further rise.
Must Read Bitcoin ABC vs Bitcoin SV
Bitcoin Needs To Hold Fort
It is an unsaid rule that when Bitcoin goes low, the cryptocurrency market goes lower. What affects the Bitcoin prices affects all the coins regardless of their intent and purpose. So, for Bitcoin to really take a step towards reversing and recovering the last two months of falls, the cryptocurrency needs to hold fort.
With that being said, today alone, for Bitcoin to have made some significant gains in the market, Bitcoin has to stay at, around or above $4,300 USD. Currently, Bitcoin is up by 5.01% and is trading at $4,236 USD.
