The last month of winter brought a lot of surprises to the crypto industry. First, the price of Bitcoin, the main digital asset, reached extreme maximum peaks and this is not even an exaggeration.
On the night of Monday, the value of the main digital currency overcame the level of $ 47,000, rising to $ 47,131. This morning, it was trading around the range of $ 46, 679 - $ 46,680. Experts made it clear that the off-scale volatility of the cryptomarket does not allow Bitcoin to stay within the same range for a long time.
The leading cryptocurrency started to grow on Monday evening, rising by 14%, namely to $ 44,918 in just an hour. Analysts say that due to which, it managed to surpass an important level of $ 44,000 for the first time. The driver of this growth was Tesla's action, which informed the US Securities and Exchange Commission (SEC) that it invested $ 1.5 billion in Bitcoin last month. Moreover, it received additional support after the company announced that it would accept the crypto asset as a means of payment in accordance with the law.
According to analysts, BTC has reached its peak popularity, and it is now on the height of success. Yesterday, it added 20.38%, and 36.34% over the week. Among the top 10 leading cryptocurrencies, Bitcoin's growth was the most impressive. However, experts urge not to be blinded by this optimism and observe the strong volatility of the crypto market.
Analysts warn that the next round of Bitcoin's growth is connected with speculation. They are worried that many companies could follow Tesla's lead, creating imbalances in the market. If such a scenario happens, it will pave the way for widespread adoption of cryptocurrencies as a means of payment. Experts say that positive changes in this direction usually led to the growth of the digital asset market. However, the situation has now changed, so experts do not exclude a strong correlation between the traditional stock market and the cryptocurrency sphere.
The material has been provided by InstaForex Company - www.instaforex.com