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?
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