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hiBitcoin and cryptocurrencies are reluctant to give in to pressure
After a brief pause at the beginning of the week, the rally in bitcoin and cryptocurrencies resumed. Bitcoin and other digital assets continued their upward trajectory. Bitcoin (BTC) is up more than 3 percent and is currently trading at $28,280 and has a market value of $544 billion.
Other alternative coins such as Ether (ETH), XRP, Cardano (ADA) and Dogecoin (DOGE) are also up 3-4% each. The broader cryptocurrency market brought investors more than $35 billion.
Even after the U.S. Federal Reserve announced a 25 basis point rate hike this week, analysts are optimistic that the price of bitcoin could continue to rise to $30,000 and even above $35,000. Katie Wood of Ark Invest believes that the current crisis in the banking sector is likely to push institutional investors into bitcoin.
Important Notice: The material provided is for informational purposes only and does not constitute investment advice. The Rao Cash editorial team is not responsible for your financial decisions. Cryptocurrency assets involve high risks — conduct your own research (DYOR).
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