The leading cryptocurrency faced a severe plunge last Thursday, March 25th. But as is evident, it did not take much time to jump back up. Analysts are of the opinion that this jump was possible because of increased investments in the crypto market by companies like PayPal and Visa. Read o to find out more.
Bitcoin had a record high on March 13th. But the story after that has not been a pleasant one. The leading crypto coin faced massive crashes and corrections that brought its market cap down to the ground. However, little signs of hope seem to be rising from the corners as Bitcoin shows steady signs of progress for the past 24 hours. According to the latest reports, Bitcoin has gained about 2% since yesterday. Following this rise, the market cap of BTC currently stands at $1.1 trillion. However, this amount is still approximately $40 billion short of the record-high figure.
Before the correction that brought down the value of BTC tremendously, BTC was trading with a gain of about $144 billion, according to CoinMarketCap, a crypto-data website.
Institutional Investors Behind Bitcoin Resurgence
The resurgence of BTC was expected but still surprising as Market analysts were worried that Bitcoin’s market cap will be eaten up by extreme volatility and contradiction from Wall Street. However, that was not the case. Most analysts now point out that BTC’s comeback was possible because of the hefty intervention from institutional investors. Most of the popular institutional investors are gradually moving to the crypto department which is currently holding the game for Bitcoin.
In the case of PayPal and Visa, both the companies have not specified their investment figures yet. But official news supports that they along with other companies like Tesla are making hefty investments in the Bitcoin market.
