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Strong Volumes Give Bitcoin Needed Push for Strong Recovery

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Bitcoin is on the mend today, after dropping below the $6,000 mark yesterday.

As of press time, the price on CoinDesk’s Bitcoin Price Index (BPI) is around $7,800.76.

The cryptocurrency has appreciated by 26 percent in the last 24 hours, according to CoinMarketCap. Also, prices are up 38 percent from the previous day’s low of $5,947.40, as per the BPI.

Across social media, the steep rise in BTC is being credited to the careful yet optimistic tone set by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission during a Senate hearing yesterday.

Investors seem to be emboldened upon hearing that members of Congress and the SEC see a lot of potential in blockchain technology. Also, industry observers were fascinated by the reasonable and sophisticated nature of the dialogue.

So, it appears bitcoin has moved out of the frying pan, and the technical studies seem to verify that a bottom has been made.

Meanwhile, cryptocurrencies are still wading in the red in spite of the resurgence earlier in the day. The total market capitalization of all cryptocurrencies has increased to $ $363,644,019,171 billion, as per data provider CoinMarketCap.

The total value had dropped to $276 billion yesterday – the lowest level since November 26.

Though a longed-for development, that figure is still down at least 30% from last Wednesday’s high of over $500 billion. Further, it’s still 57% down compared to the record high of $830 billion that was logged in January.

Ether and Ripple are down 1.13 and 3.90%, respectively while Bitcoin Cash has risen 0.43% for a price of $962.10. Cardano on the other hand, slipped 4.71%.

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