Just when things were looking bleak for Bitcoin as it fell below $30,000 last week, the world’s top performing cryptocurrency increased towards $40,000 — effectively recovering from the slump.
Bitcoin experienced a steep rise at 7 AM SST today, rising by roughly 12% from around $34,000 to $38,000 as of writing. Its market cap is currently above $711 million with 18,767,006 BTC in circulation.
There are a few recent events that are likely to have started the uptrend of Bitcoin’s price.
Namely, Elon Musk’s appearance at “The B Word” conference on Wednesday. The famed CEO of the space exploration company SpaceX said that he wants Bitcoin to succeed and revealed that the company owns some.
Another driving force of the recent Bitcoin uptrend would be Cathie Wood of Ark Invest advising corporations to consider adding Bitcoin to their balance sheets. Another notable figure in the crypto space, Square Inc CEO Jack Dorsey, remarked that Bitcoin is resilient.
Meanwhile, Ethereum is also seeing an uptrend as it increased by 7.53% in the past 24 hours.