- Bitcoin jumps over 12% at the start of the week
- The digital asset realized a decline of over 27% in less than two weeks
Bitcoin Jumps Over 12%
The flagship cryptocurrency kicked into gear almost right out of the gate on Monday. Bitcoin reported a 12% jump in the early hours of the trading session today, boosted by renewed investor confidence as market participants rushed to buy the dip. The crypto asset opened for trading today at $48,000. It is now hovering around $52,800 with an intraday high of $53,000, or a 10% spike. From its lowest point of $47,000 made earlier, prior to the leap, Bitcoin has advanced 12.7% today.
Bitcoin’s recent rally, however, was snapped by last week’s slump which saw price divert from the upswing, ending the week down by 17% Monday through Sunday. The lowest point of Bitcoin’s price near $47,000 earlier today, was last seen in the early days of March when Bitcoin was gaining traction to produce an all-time high of nearly $65,000.
What the Future Holds
From its high to today’s bottom, the digital asset realized a decline of over 27% in less than two weeks. According to crypto advocates, the strong bounce today is a sign of strength in Bitcoin’s buying momentum. As traders and investors piled on the lowest levels in almost two months, bitcoin could be on track to produce its biggest single-day gain since February 8 when the asset rose by 17% to a then all-time high of $44,800.
On the other hand, crypto opponents argue that Bitcoin is not yet out of the woods, pointing to the silence among traditional financial institutions who have been more reserved recently in their approach to the crypto market.
Billionaire Elon Musk, however, remains vocal and active in the crypto space. In another cryptic tweet on Saturday, the Tesla chief asked his large audience of 52 million “What does the future hodl?” The term comes from the early days of bitcoin, often interpreted as “hold on for dear life” and is used by crypto enthusiasts. A different story from 2013 points to a drunken origin of the word “hodl”. In it, a user of a Bitcoin forum misspells the word “hold”.
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