For the first time in weeks, Bitcoin (BTC) has surpassed $40,000. The market’s largest cryptocurrency produced the largest green candle since October, indicating that the market has turned bullish. Other virtual currencies have followed suit and are now trading in the green, erasing the losses they suffered in previous weeks.
Bitcoin is presently trading at $41,400 and has a market capitalization of $785 billion, according to CoinGecko data. The virtual currency has risen by more than 10% in just 24 hours, indicating that there has been a big inflow of purchasers who have pushed the price of Bitcoin higher.
The positive aspect of this recent price movement is that Bitcoin and other digital currencies had a bearish week, with the price of Bitcoin briefly approaching $36,000. The market was beginning to turn pessimistic, and some investors predicted that the digital currency would fall closer to $30,000 rather than $40,000.
Other cryptocurrencies, including as Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Solana (SOL), Polkador (DOT), and Terra (LUNA), followed suit after this price increase. Polkadot (12.8 percent), Avalanche (12.5 percent), Binance Coin (12.2%), and Solana (12.2%) were the top 20 gainers in the last 24 hours (10.2 percent ).
With the exception of Maker (MKR), which lost 3.2 percent in the last 24 hours. Then, and was the worst-performing digital asset among the top 100. That’s, there are no cryptocurrencies in negative territory. Stablecoins either stayed the same or lost ground against their fiat counterparts. As a result, a number of investors have switched from stablecoins to cryptocurrencies.
The Fear and Greed Index for Bitcoin is now at 33 points, indicating fear. This is the highest point in the last few months. The market was in extreme fear last month with a 15-point sign. That’s, extreme fear last week with a 24-point indicator, and extreme dread yesterday (20 points). In a few hours, there could be a new update with a better result for Bitcoin.
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