Bitcoin bull cycle sparked by Elon Musk evaporates

Last week's price rally of Bitcoin cools down
  • Bitcoin price rally previous week is evaporating
  • Last week crypto tokens like BTC and DOGE performed wildly but plunged by the weekend
  • Many consider an uncertain rally generated by speculations

Bitcoin again reminded the cryosphere about its volatile nature. Last week, on Friday, it jumped to the price level of $38,627, and it was assumed that the rally was sparked by the CEO of Tesla, Elon Musk. After Elon updated his Twitter bio with the token’s name, the token began to perform tremendously. However, it was observed that the bullish run had evaporated on Monday. According to the data from the CoinMarketCap, the token was trading near the price level of $33,500. 

Bitcoin and altcoin’s wild performance last week

Crypto-token, Bitcoin surged by more than 17% last week. On the other hand, Dogecoin (DOGE), a meme-based token established in 2013, has attracted the entire cryptosphere. Following the data from CoinMarketCap, the token surged by more than 800% in just 24-hours on Friday. The token had placed itself among the top 10 cryptocurrencies based on market capitalization.

The soaring values are almost being evaporated

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Earlier last month, Bitcoin had achieved new all-time high records by trading near the price level of $42k. Currently, the token cryptocurrency is observed declining by more than $8k since its all-time high mark. However, the token was still up by more than 250% since its value last year. Many in the cryptosphere believe that, due to the muscling of traditional gold as a hedge risk and inflation of the US dollar, the flagship crypto token is winning a large investor base.

Are the recent bull runs only uncertain rallies?

Following the recent price rallies in the crypto market, many consider it an uncertain rally was driven by speculation atop a stimulus’s tide. According to John Normand, a strategist at JPMorgan, assets like Bitcoin could be due for a drawdown, as its price ascent is not broader than other financial innovation or asset bubbles of the past 50 years. However, at press time, Bitcoin is trading at the price level of $33,372 with a total market cap of 627.7 billion.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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