For the first time since June, Bitcoin price hit $39,000, adding $114b to Crypto Market – For the first time in 6 weeks, Bitcoin hit $39,000. This means BTC went bullish following a recent sell-off.
Sunday evening, the crypto was trading at around $39,544.29, according to CoinMarketCap data. As a result, Bitcoin is up 12.00% in the last 24 hours.
Following this, other coins also reacted to the BTC price surge. Altcoins like Ether, Cardano, XRP, Dogecoin went up 8.5%, 12.91%, 9.84%, and 13.89% respectively. The whole crypto market added $114 billion, according to CoinDesk data.
In addition, this price surge comes after Bitcoin fell below $30,000 last week. BTC was trading at $29,755.10 at that time. This was the first time in 4 weeks the world’s largest crypto was below the above-mentioned price. According to Wall Street analysts, it was a result of a panic sell of cryptos.
However, since mid-May, the price of Bitcoin has been wavering between the $30,000 to $40,000 range. Further, on June 22, the price of Bitcoin dipped below $30,000 but recovered soon after.
Moreover, some experts credited this recent bullish trend to Twitter CEO Jack Dorsey and Tesla CEO Elon Musk’s comments. The 2 men were involved in a virtual Bitcoin event called “The B-Word.”
During the event, Elon Musk said that Bitcoin might be heading to a greener future. Also, he stated that Tesla might accept BTC payments again as it shows promising signs of using renewable energy. Furthermore, Jack Dorsey said that Bitcoin is a key contributor to Twitter’s future.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.