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Bitcoin rises 16% after a series of record declines
This post has been translated over google translator from original post in arabic
According to Arab Net, the largest cryptocurrency in the world rose by 16% yesterday, Sunday, to compensate for its losses from the sharp decline on Saturday, which led to its decline to the level of 17,599 dollars.
Bitcoin price reached about $20,400 as of 5 pm New York time, while the price of Ethereum, which touched the lowest level during the selling at $881, increased by 26% to $1140.
I think we're starting to hit levels close to the bottom, where institutional investors see a buying opportunity,' said Paul Viraditakit, partner at crypto-focused hedge fund Pantera Capital.
Even with Sunday's rally, Bitcoin is down more than 30% this month and about 70% from its all-time high in November.
For her part, managing partner and founder of Fairlead Strategies, Katie Stockton, said: In its nearly 12-year trading history, (Bitcoin) has never dropped below previous cycle peaks, but that's what Happened during recent backtracks.
She added that consecutive weekly losses below this level will increase the risk of a fall towards the next support level at $13,900.
Data from CoinGecko showed that the total cryptocurrency market capitalization reached nearly $900 billion on Sunday, down from $3 trillion in November.
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