HomeBlockchainBlockchain NewsBitcoin Slowly Regains Rally As Investors Keep Faith

Bitcoin Slowly Regains Rally As Investors Keep Faith

The most widely used cryptocurrency in the world, Bitcoin (BTC), is gradually making a comeback after losing traction last week after hitting a new all-time high. Bitcoin was trading around $67,000 at the time of writing. Whether Bitcoin can withstand market pressure or not is still to be seen.

Readers should be aware that coin prices and the cryptocurrency market as a whole are very volatile before continuing. It is impossible to predict with certainty how cryptocurrencies will perform in the future. The purpose of this article is to assist investors in staying abreast of the most significant events that have already occurred, as well as some noteworthy forthcoming events and current market circumstances. Before taking any calls, investors are recommended to conduct their own research.

Prices of Cryptocurrencies Over the Past Week

The total value of the cryptocurrency market was $2.45 trillion as of last Monday, March 18. ETH was trading at about $3,400, while BTC was trading at about $65,370. The whole market value increased to $2.55 trillion a week later.

With $7.63 billion in total volume, DeFi accounts for 9.76 percent of the market’s 24-hour volume. Stablecoins represent 88.11 percent of the 24-hour market volume with an overall volume of $68.87 billion.

As of the time of writing, 51.65% of BTC was in use. Bitcoin reached a high of $68,085,80 on March 21 and a low of $61,164.63 on March 20 over the last seven days. In contrast, Ethereum had a high of $3.577.84 on March 21 and a low of $3,092.22 on March 20.

Important Crypto Events

The chief of Montenegro’s prison services, Darko Vukcevic, verified Do Kwon’s release from prison. On Saturday, Kwon was released after serving his entire sentence for the possession of forged documentation.

This came about as a result of Montenegro’s top court delaying Kwon’s scheduled deportation to South Korea in order to decide where to send him. According to current reports, Kwon is not in custody but rather is being watched by authorities at an undisclosed location while his extradition case is being decided. This is a major development in the story of the cryptocurrency celebrity, who has been under investigation by the law since he was involved in a well-publicized case of document fraud. The global cryptocurrency community is anxiously awaiting Kwon’s next move in his protracted legal ordeal as authorities continue to consider his options.

Furthermore, TrueUSD (TUSD) has seen a significant drop in market share in a recent change in the cryptocurrency space; it is currently ranked eighth among dollar-pegged digital currencies by market capitalization. For the cryptocurrency asset, which was formerly ranked in the top five, this represents a substantial shift. TrueUSD’s supply has declined dramatically over the last three months, from 2.4 billion at the beginning to 612,455,467 TUSD as of March 23, 2024.

Examining the distribution of TUSD in more detail shows that 389 million of them are held on the Ethereum blockchain, which accounts for the majority of their circulation. With a noteworthy 189 million TUSD, the Tron blockchain comes next. With 2.98 million and 30.03 million TUSD, respectively, other platforms like Avalanche and the BNB Chain also add to its circulation. This decline in supply is consistent with TrueUSD’s previous battles to keep its peg to the US dollar, which is essential for stability in cryptocurrencies that are linked to the dollar.

The volatile character of the cryptocurrency market and the difficulties stablecoins have in preserving value and investor confidence are brought to light by the decline in TrueUSD’s supply and its falling ranking. This change may have larger effects for the world of digital currencies, particularly for individuals who depend on the stability of fiat money.

Finally, El Salvador has been steadily acquiring one bitcoin every day since 2022, according to a recent declaration from President Nayib Bukele. As long as purchasing bitcoin using fiat money is still a feasible option, this scheme, known as the “1 Bitcoin a day program,” will continue. Moreover, as previously revealed by President Bukele, the bitcoins acquired via this continuing initiative are being added to the same digital wallet that already contains a sizeable portion of the cryptocurrency.

Edul Patel, Mudrex’s co-founder and CEO, Following a small dip, Bitcoin recovered admirably, rising from $64,000 to more than $67,500 before closing at $66,600. Trader activity was cheerful, resulting in a 3.40 percent increase in the total cryptocurrency market capitalization. Bitcoin has surpassed its previous resistance level, aiming for the next resistance at $68,116 and the next support at $62,005. Ethereum’s price varied, but eventually settled at $3,450. The cryptocurrency market’s mentality shifted from extreme greed to greed over the weekend.

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