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Cryptoactive market received $200 billion in capital in the last 24 hours

Cryptoactive market received $200 billion of capital in the last 24 hours, this entry came just after the cryptocurrency market hit the record lowest price of the year.

Bitcoin, in particular, seems to be on the mend. On Tuesday, the price of BTC marked the annual record low so far, below $29,000. As a result, the price rose again by $33,000 to $34,000.

Consequently, the coinmarketcap says the global cryptocurrency market capitalization has risen about 8%. Some traders believe that this is the time when cryptocurrencies will once again start to rise. On the other hand, some traders believe another dip is yet to come.

On the one-day bomb, many digital assets were on the rise, in addition to Bitcoin. For example, Ethereum (ETH), Cardano (ADA) and Dogecoin (DOGE) were some of the few. In addition, other assets from the top 100 Cryptos by market capitalization also experienced an impressive increase. Specifically, Solana 22%, Chilliz 18%, Livepeer 37% and many more.

Bitcoin has been in decline since Tesla’s decision to stop accepting Bitcoin payments. However, most analysts believe that a big increase is yet to come. However, some investors are torn between seeing this as a simple price correction rather than an all-out downtrend.

Some companies went all in during the fall. For example, MicroStrategy just bought more Bitcoin again. On the other hand, Bitcoin is also getting a lot of attention from government agencies. One such incident would be El Salvador officially making Bitcoin legal tender in their country.

In addition, many African nations have also started to take steps to adopt Bitcoin. Bitcoin ATMs are also gaining popularity in many parts of the world, sometimes with celebrity endorsements.

Altogether, there are many possibilities to support analysts in their reasoning behind an eventual bull market. Meanwhile, some cases, such as China and other countries banning Bitcoin miners, could point to a possible downtrend.

Source: CoinQuora

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