Bitcoin increased slightly, the market was less gloomy

At 6 a.m. this morning, June 5 (Vietnam time), Bitcoin price on the CoinDesk exchange traded at 29,772 USD, up 203%, equivalent to 109 USD per coin.

Statistical data for the past 24 hours shows that the world’s most popular and valuable virtual currency traded as low as $29,466 and highest at $29,941.

According to CoinMarketCap, Bitcoin trading volume during this period is around $16.5 billion, with market capitalization at $567 billion.

On Vicuta, an exchange that is of interest to many Vietnamese, the buying and selling price of Bitcoin is at VND 693 – 729 million, an increase of nearly ten million VND per BTC.

The growth of Bitcoin causes the price of many leading cryptocurrencies to increase. Specifically, Ethereum is up 1.28%, Tether is up 0.01%, USD Coin is up 0.03%, Binacne Coin is up 1.13%, Cardano is up 1.17%, Solana is up 1.7%, Dogecoin is up 1 .5%, Polkadot up 0.7%…

Total market capitalization also increased 0.7% to 1.230 billion USD.

Bitcoin has been continuously increasing and decreasing erratically recently. From the record high of $ 67,000 set in November 2021, Bitcoin has continuously plummeted and is often trading around the $ 29,000 – $ 30,000 mark.

According to data from Glassnode, Bitcoin price is now down almost 56% from its peak in November 2021. About 40% of the holders of the above cryptocurrency are losing money on this investment.

Some other analysts estimate the bottom price of Bitcoin to be around $14,000. This price would be about 80% below the all-time high of $69,000, which corresponds to the drop in the previous cycle.

Previously, analyst Rekt Capital suggested that Bitcoin could bottom out at $15,500 as BTC price drops below its 200-week moving average. Moving Average is the average of a price series over a certain period of time.

However, in such a situation of continuously falling market, speculators may find it difficult to sell.

MicroStrategy, the company that owns the largest Bitcoin treasury, has committed to buying into Bitcoin any price crash towards the $20,000 mark.