Bitcoin and cryptocurrency prices skyrocketed after global stock markets rebounded as investors agreed to raise interest rates to stop Fed inflation.
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Bitcoin’s price soared to over $ 45,000 per bitcoin before it fell slightly, and has now added about $ 10,000 to the price since it fell to a low of about $ 35,000 last month. Ethereum rival Cardano surged 40% last week, while traders see an upcoming upgrade that many believe could overcharge its price, so Bitcoin The second largest cryptocurrency, Ethereum, has also recovered.
Crypto Larry has added $ 500 billion to the combined crypto market, which reached $ 2 trillion for the first time since mid-February, as Bitcoin, Ethereum, BNB, XRP, Cardano and Solana are making significant profits.
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While crypto traders and investors are rooting for the latest rally, some fear that if Bitcoin’s price fails to build a foothold above $ 45,000, it could decline.
“Confidence in the formation of strong bullish momentum [the bitcoin price] A fix of over $ 45,000, which saw a reversal in February and early March, “said Alex Kuptsikevich, senior market analyst at FxPro, in an email.
Kuptsikevich hopes that Bitcoin’s rally will help the wider crypto market, including Ethereum, BNB, XRP, Solana and Cardano, which surpassed Bitcoin last week.
“Medium but steady optimism about Bitcoin is the best breeding ground for altcoin buyers,” writes Kuptsikevich. “It’s clear that their dynamics are now better than that. [bitcoin].. If this trend continues for a few more days, the effect of the feedback loop will work and altcoin growth may pull up Bitcoin. “
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Cryptocurrency prices have risen following last week’s stock market, and the S & P 500 bounced out of the correction zone in late February.
“Bitcoin has been strong in the short term, but rising oil prices increase the likelihood of a recession next year or so,” said Marcus Sotilio, an analyst at GlobalBlock, a UK-based digital asset broker. He wrote by email. “Despite the uncertain macro environment, crypto developers continue to innovate and whales continue to accumulate Bitcoin.”