- Bitcoin has been up 4.17% in the last 24 hours.
- JPMorgan Chase analysts now think that Bitcoin has “significant upside potential”.
A 15 percent increase from the 18-month low it struck in the middle of May brought the price of Bitcoin (BTC) back to over $30,000 on May 30. The whole cryptocurrency market has lost more than $1.5 trillion from its record high in November of last year, with Bitcoin alone losing more than 60% of its value over the preceding six months.
Potential of Breakthrough From the Range
According to statistics from CoinMarketCap, the whole cryptocurrency market value has increased by more than $60 billion in the previous 24 hours due to today’s turn toward green for the flagship digital asset. Analysts rejoiced at the strongest performance since May 16; some even speculated on the potential of a breakthrough from the range.
Doubts remained regarding the genuine momentum of the markets’ increased vigor, which was evident last week, ahead of their return. However, Bitcoin’s imitation behavior added credence to the theory that greater levels of risk assets might eventually prove to be a fake-out. Pentoshi, a trader and analyst, stated that he didn’t expect much further growth in the S&P 500.
Since late April, the dollar index (DXY) fell below 101.5 points for the first time. Because of the fall of the cryptocurrency market, the Bitcoin Fear & Greed Index has dropped to its lowest level since the beginning of 2019. However, JPMorgan Chase analysts now think that Bitcoin has “significant upside potential,” which has helped sway market mood this week.
According to CMC, the Bitcoin price today is $30,474.67 USD with a 24-hour trading volume of $30,746,885,552 USD. Bitcoin has been up 4.17% in the last 24 hours.
