The price of Bitcoin is back up 12% but it’s still a long way off recent highs of $9,000.
The price of Bitcoin (BTC) has seen a minor recovery during the last day, following its 50% price drop. Bitcoin’s price now sits at $5,290—up 12% from yesterday’s low of $4,583.
After further losses yesterday morning—as the Asian markets reacted to the decisions made by the Federal Reserve on Sunday—the price of Bitcoin has bounced back. However, Bitcoin has experienced several two similar spikes in the last week, each time jumping more than 10% before falling back into a bearish trend. So it might not last for long.
The recent recovery follows a week of a significant decline, during which Bitcoin fell from a peak of over $8,000 on March 8, down to under $5,000 on several occasions. This came after the World Health Organization declared COVID-19 a pandemic and traditional markets across the board dosedived. At the time, $100 billion was wiped off the total cryptocurrency market capitalization in less than a day.
As a result, Bitcoin’s volatility has gone through the roof in the last week—increasing from between 2-3% for the last three months, to over 10% at present, according to the Bitcoin volatility Index.
Altcoins have been holding up better under the strain. Bitcoin’s market dominance has slipped to 63%, down from recent highs of 70%. In fact, over the last 90 days, the majority of altcoins have made strong gains against Bitcoin. According to data from Messari Pro, Ethereum and Bitcoin Cash both rose at least 20% against Bitcoin in that time.
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