Whether bitcoin and other cryptocurrencies will be able to sustain the current momentum in the upcoming weeks is up for debate. Bitcoin has only recovered from its price drop that occurred in mid-March even though it rebounded over the past few days. The cryptocurrency is still $2,600 away from reaching its monthly high and two weeks ago, the price of bitcoin peaked at $11,600.
After dropping to the $5,000 region and recovering speedily to $10,000, it is lying in the $7,000 region. Now botcoin is steadily moving to the $10,000 region after crossing the $9,000 region this week. Bitcoin has gradually recovered from $5,000 to $7,000, to $9,000, even amidst several minor and major corrections and the market being extremely volatile.
As the valuation of the cryptocurrency market increased from $280 billion to $350 billion in merely 48 hours, the strong performance of bitcoin and other major cryptocurrencies like Ethereum and Cardano has led the entire market to regain its losses from earlier this month.
As the price declined 70 percent from $19,000 to the $5,000 region, throughout January to March, bitcoin suffered the third worst correction to date. Bitcoin has managed to gradually rebound from major drops yet, unlike its previous two corrections.
In regards to the regulatory frameworks around the cryptocurrency market, especially from traditional economists and bankers providing baseless price predictions and false information, the large drop in the price of bitcoin was only intensified and exaggerated by negative media coverage.
When no additional regulations or restrictions will be imposed on the global cryptocurrency market and almost immediately after the global financial watchdog FSB announced at the G20 summit that major governments are planning to sustain existing regulations, cryptocurrencies started to recover from their losses.
Bitcoin has consistently been the best performing cryptocurrency over the last two weeks. Today, alternative cryptocurrencies rallied, as cryptocurrencies like ICON, better known as South Korea’s Ethereum, increased 60 percent due to various partnerships and airdrops.