In the last 24 hours, BTC’s price volatility increased in the crypto market, which saw the crypto rallying above $61,000 and again falling below $60,000.
Bitcoin went through a sudden rally in the early hours of August 30, going above $61,000. The rally cut short its duration, though, as it soon fell below $60,000 again. In this period, BTC’s price volatility went up by a significant margin.
However, Bitcoin and the broader crypto market have a history of experiencing price fluctuations, often leading to periods of decline. However, despite these downturns, the market has consistently shown remarkable resilience, recovering from lows and reaching new heights.
The crypto market benefits from network effects. As more individuals and businesses adopt crypto, the ecosystem becomes more robust. This growth can attract new participants, increase transaction volume, and drive up prices. The spot crypto ETFs are one of the latest examples that have displayed this use case. Their popularity has also driven asset managers to launch crypto ETFs in countries like Brazil.
Despite short-term fluctuations, the crypto market has a long-term growth potential. The underlying technology and value proposition of crypto continue to evolve, and as the market matures, it is likely to become more resilient to shocks and downturns. However, with the current market movements, BTC is likely going to end the month trading around the $60,000 mark.
BTC/USD 1D price chart
Bitcoin is currently trading at around $59,500 on August 30, 2024, with BTC/USD trading lower by a margin of around 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.1 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 59,300), as BTC’s 24-hour volume was at approximately $33 billion. The global crypto market cap decreased by around 0.3%, trading above $2.1 trillion. BTC’s year-to-date returns are above 41%.
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