The cryptocurrency, Bitcoin, increased by seven percent amidst market sell-off. The seven percent bubble is the highest increase accounted in more than 30 days. The rise comes amongst a 400-point drop in the famous Dow Index on Tuesday.
Bitcoin was trading over $9400, and has so far, gained 20 percent in the last week. The latest jump in the cryptocurrency market shouts “all is not lost,” and trade is slowly getting momentum which delighted most crypto enthusiasts.
Blockchain Capital’s partner, Spencer Bogart, highlights that Bitcoin remains unlinked to the traditional and orthodox asset classes and is over 50 percent more than its highs. It also has a significant upside, said Bogart.
Bitcoin recently suffered relentlessly in the past three months, dipping below $9000 mark.
After the gains, Bitcoin traded at $9436 (4:21 pm ET), and had so far, increased by 20 percent in the last week. Bitcoin is managing to shed off the loss from the past three months and recovering from its previous quarter plummet of 48 percent.
The financial markets, however, continue its struggle amidst Bitcoin’s positive results. Amongst the significant indexes that suffered a blow is the Dow Jones Industrial Average (400 points lower). The S&P 500 dropped by 1.3 percent, and Nasdaq with 1.7 percent loss.
Bitcoin’s surge seen a positive response from crypto-goers. Based on our talks with cryptocurrency enthusiasts, “their faith in cryptocurrency is now restored.”
After trading at all-time highs, cryptocurrency suffered significant blows by the end of last year up to this year. Hence, we conclude that cryptocurrency market is still struggling as of today.