Bitcoin (BTC) is heading up towards the $7,000 price point after surging by 23% in the last 24 hours. Although the price of Bitcoin is shifting rapidly, it currently sits at $6,850—up $1,600 from a low point of $5,250 yesterday.
Bitcoin has now been in an uptrend for four consecutive days, throughout which it has climbed from a bottom of $4,583, up to its current value—a rise of 50%.
Nonetheless, the cryptocurrency is still down 29% for the month, after seeing a dramatic sell-off between March 10 and March 13 when the World Health Organization declared Covid-19 a worldwide pandemic.
Bitcoin trading volumes have gradually picked up in recent days too. Bitcoin saw $51 billion in trading volume in the last 24 hours, up 54% from a low of $33 billion on March 15.
Bitcoin's rally has helped boost the rest of the cryptocurrency market. Most cryptocurrencies have seen gains in excess of 15% in the last day, while some cryptocurrencies, including Bitcoin SV (BSV) and IOTA are up around 40% since yesterday.
Even traditional market instruments have seen a recovery in recent days, with the Dow Jones up more than 5% since yesterday, while gold and most other markets are also in the green. But with more cities going on lockdown, how long will the market recovery last?
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.