After a difficult start to March, Bitcoin (BTC) is trading in the green again, although not by much. According to CoinMarketCap, BTC is currently changing hands at $22,401.71 after a 0.07% increase in price over the last 24 hours. The leading cryptocurrency was also able to reach a high of $22,497.00 and a low of $22,331.31 over the same time period.
However, BTC is still down by more than 4% in the previous seven days, following a drop of more than 6% at the start of the month. In addition to this, BTC was also in the red by more than $4 last month.
The cryptocurrency’s 24-hour trading volume is currently in the green zone and stands at $13,889,022,607 since yesterday, after increasing by more than 6%. In terms of market cap, BTC is at $432,439,033,180.
Bitcoin trader, investor, and analyst, Michael van de Poppe, took to Twitter earlier this week to share his thoughts and insights about BTC’s performance over the past weekend. According to van de Poppe, BTC’s price has been “rather boring” since its correction.
The analyst added that he believes the crypto king will make another sweep of the lows and then “reverse up” again. However, he warned that if the BTC price falls below $21.5K, it could spell trouble.
Despite the fluctuation in BTC’s price, there are still a lot of investors who remain bullish on the cryptocurrency. Analysts believe the current bull run is different than previous ones, and the steep price decline that occurred at the start of March could just be a speed bump on the road to new highs.
One of the reasons why BTC is expected to continue its bullish trend is due to the growing institutional adoption of cryptocurrencies. Tesla’s $1.5 billion investment in Bitcoin was a huge endorsement, proving that even large corporations are starting to recognize the value of digital assets.
Other companies, including MicroStrategy and Square, have also invested significant amounts of money in BTC, and it’s expected that more institutional investors will follow suit.
In addition to institutional adoption, BTC’s finite supply is also a compelling reason why many investors believe it will continue to rise in value. With a limited supply of 21 million coins, there will never be more Bitcoins created beyond that number, making it a scarce asset that is highly sought after.
Another reason why investors remain bullish on BTC is the growing use cases for cryptocurrencies. From online purchases to remittances, more and more people are using digital assets for everyday transactions.
The fact that BTC is decentralized and can be transferred instantly and securely across borders, with lower transaction fees compared to traditional banking, is another reason why it’s seen as a valuable investment option.
While BTC’s price may continue to fluctuate in the short term, there are many reasons why investors remain optimistic about its long-term prospects. As more institutional investors and companies start to invest in BTC, and as more people around the world start using cryptocurrencies for everyday transactions, BTC could continue to rise in value and solidify its position as the king of crypto.
