Bitcoin has bounced back from its recent decline, hitting a six-week low, and remains above the significant threshold of $60,000. A noticeable increase in short-covering activity has contributed to this upward trend.
Despite recent modifications, bitcoin It continues to assert its dominance within the cryptocurrency market, attracting investors away from riskier currencies. Additionally, the slowdown in U.S. 10-year Treasury yields has further strengthened and strengthened investor sentiment toward cryptocurrencies.
Today, Bitcoin saw a notable rebound of 2.9% on Bitstamp, reaching $63,046 from a session low of $60,830. The recovery comes after it fell 4% on Wednesday, falling to $59,672, its second decline in three days amid turmoil on Wall Street.
The total market value of cryptocurrencies increased by $20 billion today to surpass $2.375 trillion, led by the rise of Bitcoin and Ethereum.
Bitcoin’s dominance has strengthened in recent weeks as other AI-related cryptocurrencies have fallen. Market share rose to 55%, up 1.35% last week and 2.5% in March, thanks to the inflow of new investments.
The excitement surrounding Bitcoin’s upcoming halving event has driven Google searches to record highs, surpassing the level of interest seen during the 2020 halving.
Meanwhile, the U.S. 10-year maturity Treasury yield fell from its highest level in the past five months, falling to 4.696%. This decline has provided support for unprofitable assets such as Bitcoin.
As markets await further guidance on US interest rates, Crypto.com‘s CEO expects a wave of selling leading up to the halving event. However, in the long term, this event is expected to have a positive impact and add value to the cryptocurrency market.
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