Sunday, June 16, 2024

Market Watch Feb 26: Broader cryptomarket rebound, price surge likely in coming weeks

Cryptocurrencies are in the green and gaining following a steep sell-off that nearly wiped $150 billion off the market. Bitcoin plunged from $39,000 to $34,000. The popular crypto rose back to its safe zone at $39,000. BTC fluctuated over 20% back and forth. Now, it has been up by 1.69% in the past 24-hours and is trading at $39,423, as per data from CoinMarketCap, at the time of writing this article.

Analysts highlighted that over the last couple of months, bitcoin has been bearish. There were hopes for the world’s most popular cryptocurrency to trade near $100,000 by 2021-end, but it finished the year below $50,000. And the start of 2022 hasn’t been great either, with mid-January having witnessed a significant price crash.

February hasn’t been a great month too. Rumor mills were rumbling about the Federal Reserve’s intentions of hiking interest rates to tackle inflation and then the geopolitical uneasiness leading up to the Russia-Ukraine war. All these and more have had a significant impact on the crypto market.

All in all, with another week ending, bitcoin seems to have recovered from losses and is likely to cross the $40,000 threshold. Ethereum following closely at BTC’s heels is trading at $2,809 and is up by 7.33% in the last 24-hours. Altcoins are also in the green. Cardano has gained 7.72% in the last 24-hours, and Terra Luna and Polkadot are up by more than 10%.

Pantera Capital, in its report “The Next Mega-Trade”, foresees a bull run. Drawing past examples, the report highlighted that BTC’s price soared significantly 35-days prior to Tax Day. This time around a bull run is likely on April 18. Pantera Capital believes many crypto traders are new to investing and one can only imagine a person buying as much bitcoin as they can.

The report said that the only way to raise cash to pay the tax bill is to sell some crypto. As such, prices fall around Tax Day.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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