After an awful start to 2022, the original cryptocurrency covered its losses for the year with a strong rally this morning. Bitcoin rallied over $2,000 to $46,667 on CoinDesk. Statistics have shown that in the last 24 hours, this leading cryptocurrency traded as low at $44,413 and as high at $46,912.
According to CoinMarketCap, Bitcoin trading volume during this period was around $27.2 billion with a market cap of $886 billion. The news that Russia can accept Bitcoin as a means of payment for energy exports is probably the main reason why the value of Bitcoin has been boosted in the past two days. Also, it is reported that Rio de Janeiro – Brazil’s second largest city – may accept payment of taxes in Bitcoin. Moreover, Terra – the 7th largest crypto asset by market capitalization, has announced its plans to add nearly $10 billion worth of Bitcoin to its project’s reserves soon.
Many investors believe that these positive signals can cause Bitcoin price to skyrocket in the future. Previously, Greg Beard, Senior Advisor at Apollo Global Management, suggested that Bitcoin could rise to $200,000 in just five years. “If you are an investor and consider Bitcoin as a safe-haven asset, Bitcoin price will increase at least 5 times in the next 5 years”, he said. ARK Investments, a New York-based investment firm even predicts the Bitcoin price could surpass $1 million by 2030.
The strong recovery of Bitcoin also led to the increase in the price of many penny crypto. Ethereum rose 4.2% to $3,272; Binance Coin rose 3.57% to $429; Ripple rose 2.57% to $0.852; Cardano is up 1.93% to $1.17, Solana is up 3.69% to $105.3; Terra rose 1.86% to $93.3; Avalanche rose 2.8% to $88.1, and more. Besides, Polkadot, Dogecoin, Shina INU, ect. also increased strongly, from 2% – 5%. The total market cap was thus pumped to $2,090 billion, equivalent to 4.25%.
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