Bitcoin And Other Cryptos Witness Strong Gains Amid High Buying Spree
-Bitcoin is recovering strongly to cover part of last week’s loses
-The bounce-back of the cryptocurrency is aided by high buying pressure from wealthy investors
-Other major digital currencies like Ethereum and Binance coin are also up today
The price of Bitcoin has experienced gains which have helped the cryptocurrency recover from the weekend drop to $43,000.
The coin’s recovery has been motivated by high buying pressure from many wealthy investors. This has caused the cryptocurrency market capitalization to surge by 5.62%.
BTC is currently trading at $48,950 up by 6% for the day and a trading volume of $54.8 billion.
Crypto experts have stated that the reason for the resurgence is because hedge funds are starting to invest more in BTC.
Naija FM has earlier reported that BTC tumbled and Cardano reached a new all-time high
Also, Citi Bank has suggested that the number one crypto could be used for international trade due to its decentralization and fast money movements.
Other cryptocurrencies have also experienced a resurgence in the last 24 hours.
Ehreruem is trading at $1568, up by over 9% in the last 24 hours.
Binance coin (BNB) is up by 15% in the last 24 hours, trading at $250.