The past week is one Bitcoin and crypto investors would want to forget in a hurry. With reports of the premier coin losing its market dominance to falling below the $50,000 mark for the first time since March 2021, Bitcoin price is back above the $50k mark.
After suffering a 15% loss, Bitcoin is back this week and according to the leading crypto analytics website, CoinGecko, the coin is up by 7.9%, taking its present market value to $53,616 (at the time of publication).
While most experts, according to a report by BTC Peers, claim that President Biden’s new tax laws could be the reason for the general fall in the price of cryptocurrencies, it is quite stunning to ferret out that the coins are back and waxing stronger.
Besides Bitcoin, the second-most valuable crypto asset Ethereum experienced a 9.0% rise in price taking its current value to $2.510. BNB, XRP, and Cardano's ADA aren't left out as well, they all experienced 7.5%, 15.5%, and 9.6% increases respectively.
While the reason for this sudden price rise is unknown, experts and financial analysts assert that we could see these cryptocurrencies reach and exceed their all-time high (ATH) in the days or weeks to come.