Bitcoin has been on an uptrend since the beginning of 2023. From the $16,000 range, the crypto king is up over 80% to date. BTC hit a 2023 high at $31,055 a few days ago, breaking the $30,000 mark.
However, the upside momentum seems to be short-lived as BTC dipped below $30,000 to trade at $29,154 this morning.
Yet again, BTC price recovered quickly in value to trade above $30,000. According to CoineckoBTC is trading at $30,327, with a 2.66% increase in value over the past 24 hours.
Not just Bitcoin, Ethereum and other altcoins have also recovered well. With ETH has gained 1.7% over the past 24 hours to trade at $2,110.
Matteo Bottacini, a trader at Crypto Finance AG, said that “There is now the potential for positive upside momentum for altcoins. And downside risk is limited.”
Bottacini said some altcoins are still in limbo, however, overall the market potential to trigger a ‘bull run’ is likely.
It is currently unclear whether the market will continue to rise or reverse. However, the recent spike increased the global crypto market cap by 2.06% to $1.28 trillion.
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