Despite the General negative background, which was attended by around cryptocurrencies since the beginning of the year, and increased in connection with the recent fall of bitcoin at around $ 6,000, the market recovery continues today bitcoin was able to return to the level above $ 10,000, which he left on January 31. It now remains to observe, whether he will manage to gain a foothold there, or this rise will be only a correction of the bearish trend.
If you look at the chart of the main cryptocurrency in the last month, we can see that the level of 6000 dollars was the insurmountable barrier, as the price has hit this level and bounced, while maintaining high trading volumes. In the language of technical analysis this is called support level, which is likely among the major buyers.
In addition, the General news background began to change, which also contributed to the strengthening of the bitcoin prices. From the whole mass of news over the last few weeks especially it is worth noting the change in tone from South Korea «to ban everything» to «try to adjust», and increasing reports of large investments in the mining industry. In addition, about bitcoin and cryptocurrencies for the last few weeks responded well, many politicians (to discuss the future of crypto-currencies at the upcoming G20 summit proposed by France and Germany) and financiers. There is the assumption that the exchange rate of cryptocurrencies in late January in particular was hit hard by the falling stock market, which is now also restored.
After catching up with bitcoin and other cryptocurrencies, though inferior in growth rate. The total cryptocurrency market capitalization rose to $ 480 billion, which is a two-week maximum. The share of bitcoin is nearly 36%.