Bitcoin’s consolidation remained an unfinished tale as the bearish week halted its price rally and turned the market bearish. Investors’ hopes crashed as the two-month-long price hike suffered a continuous downgrade last week. However, Bitcoin gave the investors a glimmer of hope on Tuesday after a 1.02% increase; though small, the price hike might trigger bullish factors in the future. Evening Standard reports that Bitcoin’s price rose to $21,362, a marginal increase from yesterday’s $21,04; Bitcoin’s current market cap is $408.6 billion. The world’s largest cryptocurrency rose above $68,000 in November last year. However, this year’s market crash sent the price below the $18,000 mark. Investors have shown massive faith in Bitcoin despite its hostile market scenario.
Expected returns on Bitcoin
Investors who purchased one Bitcoin at the 52-week low of $17,709 and sold it today (at $21,362) have gained 25.39%. However, a buy at the 52-week high of $68,790 and the sale at today’s price will have led to a 64.28% loss. Several global crypto platforms offer Bitcoin trading at marginal transaction rates. Despite investors’ backing and colossal market cap, Bitcoin presents a golden investment opportunity despite the dip. However, the crypto market is volatile, and investors might also lose their money.
Bitcoin’s recent market trend
Bitcoin has risen 1.02% in the last 24 hours, following a price decline the day before. Bitcoin’s present market scenario looks like a pale shadow of its peak months during the previous year. The last week was eventful for the world’s largest cryptocurrency as the price ranged between $20,857 and $24,407. Bitcoin’s price analysis over the previous three months shows a price decline. However, price analysis of the past two months shows a price increase.