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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.
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