It’s been a strong start to the week in the crypto markets, with the price of Bitcoin again rising above $31,000 after nine weeks of losses. The leading cryptocurrency has rallied more than three percent at a time this morning. Can it sustain the momentum?
Other major cryptocurrencies have performed even better, albeit having experienced more volatility over recent weeks. Cardano has done particularly well, rising 25 percent over the past 24 hours. The price of Ethereum is currently up by three percent since this time yesterday to just below $2k.
The uptick across the crypto markets comes amid rising optimism in Asian markets, as Coronavirus cases in China fell to less than 100 for the first time since early March. The news has driven news of a wider economic recovery, with markets largely opening higher.
If you’re on a fixed wage, such as a salary, there’s a whole world of hurt coming your way and there’s very little you can do about it. Late last night, I published this article looking at the numbers and asking whether we’re strong enough to weather the storm. We shall see.
In a perverse and terrifying way, this is actually great news for Bitcoin.
Bitcoin may seem like a ‘nice little idea’ or a ‘nice to have when you’re in a strong economy and have the money you feel you can rely on, but perspectives sure do change quickly when that goes away.
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