The crypto market has dawned green. Bitcoin is recovering around USD 19,000, days after its price fell to USD 16,300.
The week started off well in the crypto market. Bitcoin is recovering around USD 19,000, while the rest of the market is in the green, with upward trends. After last week’s fall, the main crypt currency is back on track to break the $19,000 barrier. Without a doubt, the market seems optimistic.
After a low of USD 16,300 last week and not getting much more than USD 17,000. Over the next few days Bitcoin surprised on Saturday, starting a rally that’s reached $18,600 until today, when Bitcoin finally recovers around $19,000.
The weather led to comparisons with Black Friday, as the BTC/USD fell in time for the infamous discount day and then rose again. Today, according to our online crypto tool, BTC is recovering and trading at USD 19,560.
Besides BTC, the rest of the market is in the green
Not only Bitcoin is on the rise, but also the main altcoins are on the rise, in fact some of them in higher percentage than the main crypto.
Ethereum (ETH), for example, is at USD 595.16, 9.84% more than on Sunday. While Litecoin (LTC) is today USD 83.93, 11.77% more than yesterday. Other striking increases are Dash at 6.13% and Uniswap (UNI) at 8.73%.
BTC analyst PlanB warned that a round of buying Bitcoin would start today
The PlanB analyst acknowledged in a timely reminder on Sunday That a new week means a new round of buying Bitcoin by a group of familiar faces: Grayscale, Square and PayPal.
Like last week, the corporate giants will need to satisfy customer demand by buying the decreasing number of coins available at current prices.
This new status, formed when PayPal launched its cryptcoin options, has led to estimates that show there simply aren’t enough Bitcoins to go around. The needs of all three companies are more than miners can produce, yet they compete with demand elsewhere.
The only logical result, should demand increase or remain the same, is that the price of Bitcoin in other assets increases. A simple supply and demand equation.
In an interview with CNBC last week, Dan Schulman, PayPal’s CEO, said the company was betting on Bitcoin being used more widely as a currency.
In the rest of the world…
The US dollar, which is already under pressure, is expected to fall to its lowest levels since April 2018, according to Bloomberg.
The US dollar index has been falling steadily over the past few weeks, erasing some earlier gains.
Meanwhile, virus-induced headaches continue throughout the Western world.
The UK economy, according to Bloomberg’s estimates shared by market commentator Holger Zschaepitz, will contract to its maximum in over 300 years.