Bitcoin, the top cryptocurrency, has just hit above $6000 mark and moving in a significant direction. The prime crypto asset by its dominance has its rebirth and raised above $1000 today with a growth of 20% in 24(h).
If we look at the reason for these price fluctuations, the massive trading has scheduled on the Binance trading platform. Allegedly, this event took place after the Binance’s CEO Chang pang Zao (CZ) following comment, where he tweeted on March 17, “I will not let Bitcoin go down to 0.”
With the price spike in BTC, the rest of the altcoins have also shown terrific growth on the spot. ETH, the second-largest crypto asset is flying high with a green signal and hovering around $138.68, XRP is at $0.16, BNB is up by 23% with a price of $12.4, BCH and LTC have respected the growth pitch and moved to $223.70, $39.89, respectively.
However, over the past week, BTC fell drastically from $9000 to $4500 just before the halving phase that would take place in May.
Is Bitcoin Back or Still Chance for a Struggle
On March 17, BitMEX published a research report and strongly indicated that “inflation is coming” due to the massive financial crash. However, the research suggested that Bitcoin in the face of upcoming financial turmoil can prove its worth if it surpasses the challenge amid the economic collapse.
After dropping 50%, BTC is showing the revival and has become the hope for the investors, traders, and commentators on the tweeter.
With today’s price surge, Bitcoin, the world’s 1st peer to peer cryptocurrency, is showing again its potential amidst of the Covid-19 pandemic which has earlier this week been predicted by the Bitcoin Bull, Tim Draper as a “secure haven in the imminent financial crisis.”