By Brenda Collins
With a 4% increase in price earlier today, bitcoin is set to start a new month on a brighter note. The biggest cryptocurrency in the world increased to about $24,000 before settling at $23,412 as at the time of this writing. During the Asian trading day, Ether, the second-largest cryptocurrency by market valuation, also saw a 3% increase to $1,600.
It was gathered that several cryptocurrencies, including MATIC, XRP, DOGE, and SOL, saw minimal gains on the previous day of about 3.14%, 1.70%, 1%, and 2%, respectively. While most cryptocurrencies experienced a moderate profit, with $48.77 billion invested in the market the previous day, increasing the market cap of all cryptocurrencies by 1.60% to $1.08 trillion.
This rise in cryptocurrency prices comes after a mid-February slumping, when Bitcoin lost 11% of its value between February 1 and February 13. The decline sparked a surge of anxiety among dealers. However, this loss was temporary, as Bitcoin quickly recovered and rose 15% by February 20, peaking at over $25,000.
Also read:According to experts, the positive capital inflows in the cryptocurrency market might be linked to the increased institutional interest in digital assets. The rise in institutional investments has significantly contributed to recent price increases for cryptocurrencies, especially Bitcoin.
It was revealed that investments in BTC by institutional investors like Tesla, MicroStrategy, and Square have started seeing high demand, raising prices. According to reports, it has been established that some financial institutions like Visa, Mastercard, and PayPal have shown a desire to integrate digital assets into their payment platforms.
Expert Advice/Recommendation
Considering the optimism in the cryptocurrency market, investors are advised to trade with care as the crypto market continues to be extremely volatile and vulnerable to sudden price changes. As a result, those who fail to handle their investments in digital assets properly still run the danger of suffering substantial losses.
Expert predictions has it that the price of cryptocurrencies is anticipated to rise further due to the growing institutional interest in digital assets; these experts also cautioned that investors should exercise caution due to the market’s severe volatility.
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