Bitcoin again jumped over $ 9,000.
Bitcoin started out as a toy
The cryptocurrency continues to make a decisive breakthrough at the key level after making a surprisingly quick recovery.
Bitcoin lost 20% of its value in March in just one day. Since then, price and market capitalization have recovered.
BTC reached $ 9,440 Wednesday and then adjusted to $ 8,800.
The weekend before March 12, when it happened and fell, Bitcoin was trading at $ 9,100, according to coinmarketcap. This means that the flagship cryptocurrency has recovered almost completely.
As of last week, the price of BTC is rising at a good pace. Many investors have strong bullish sentiments about halving. After the event, the prize for the excavated block will drop from 12.5 BTC to 6.25 BTC.
Despite its recovery, traditional markets are reporting a weak start in May. The Dow Jones fell 622 points Friday and the S&P 500 with 81 points.
Prior to the economic turmoil caused by COVID-19, many experts believed that Bitcoin was completely independent of traditional markets. But the Black Wednesday crash proved not to be quite true as BTC fell with the stock market.
While at present it seems as though there is a stronger proportional relationship between Bitcoin’s movements and traditional markets, the signs of weakness in the latter are undeniable. Meanwhile, the flagship cryptocurrency is showing strong upward momentum.