Bitcoin Rally Halts as Quickly as it Started
There is a lot of momentum taking place within the cryptocurrency space these days. Bitcoin’s price momentum over the past few days has been interesting to watch, as it benefits the entire cryptocurrency industry.
The year 2020 has been a bit of a mixed bag for Bitcoin and all other cryptocurrencies.
Cryptocurrency Market cap Recovers Slowly
Despite initial promising price momentum, the markets crashed during the coronavirus crisis.
This week, it appeared that the dip had finally been overcome, although some of the bullish momentum has eroded once again.
Bitcoin, for example, peaked at $9,388, yet now trades $600 lower once again.
All things considered, the overall cryptocurrency market cap is in a good place.
Following the recent surge, it now sits above $244 billion, after dropping to $183.5 billion a month ago.
As such, the current turn of events is still very promising,, although the bears may region control for a while.
As long as Bitcoin can remain above $8,500, there is no reason for panic.
Other cryptocurrency markets are moving up nicely as well, including Ethereum and XRP.
It will take a while before the entire crypto market cap moves above $300 billion again, however.
Stimulus packages associated with the coronavirus may help the entire industry recover accordingly, although that remains to be determined.