Bitcoin Hit $39,000, Adding $114 Billion to the Crypto Market

For the first time in 6 weeks, Bitcoin hit $39,000. This means BTC went bullish following a recent sell-off.

Sunday evening, the crypto was trading at around $39,544.29, according to CoinMarketCap data. As a result, Bitcoin is up 12.00% in the last 24 hours.

Following this, other coins also reacted to the BTC price surge. Altcoins like Ether, Cardano, XRP, Dogecoin went up 8.5%, 12.91%, 9.84%, and 13.89% respectively. The whole crypto market added $114 billion, according to CoinDesk data.

In addition, this price surge comes after Bitcoin fell below $30,000 last week. BTC was trading at $29,755.10 at that time. This was the first time in 4 weeks the world’s largest crypto was below the above-mentioned price. According to Wall Street analysts, it was a result of a panic sell of cryptos.

However, since mid-May, the price of Bitcoin has been wavering between the $30,000 to $40,000 range. Further, on June 22, the price of Bitcoin dipped below $30,000 but recovered soon after.

Moreover, some experts credited this recent bullish trend to Twitter CEO Jack Dorsey and Tesla CEO Elon Musk’s comments. The 2 men were involved in a virtual Bitcoin event called “The B-Word.”

During the event, Elon Musk said that Bitcoin might be heading to a greener future. Also, he stated that Tesla might accept BTC payments again as it shows promising signs of using renewable energy. Furthermore, Jack Dorsey said that Bitcoin is a key contributor to Twitter’s future.

Source: https://coinquora.com/bitcoin-hit-39000-adding-114-billion-to-the-crypto-market/