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Cryptocurrency market spikes by $13 billion after recording poor trades in March

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THE cryptocurrency market has recorded a $13 billion market capitalisation rise which was largely driven by bitcoin trade that made the most of the figure, putting the value of the entire market at $268.07 billion.

According to the report, a number of factors like Central Bank monetary policies, increased interest rates influenced the heavy spike in market capitalisation of the cryptocurrency market.

Bitcoin spiked up by over 150 per cent after suffering a low price of $3,867 in March, as at today bitcoin crossed $10,000 since March.

Bitcoin tumbled as much as 18 per cent in March with risk aversion the dominant theme across asset classes amid the COVID-19 outbreak.

The market players have said the market has picked up very well and investors are happy to investments to yield greater returns.

While many in the bitcoin industry have been hailing bitcoin as a new safe-haven asset, at this point it seems clear that proponents of this status have probably gotten a bit ahead of themselves, sai the market player.

According to the report, these miners receive 12.5 bitcoin per block mined, the reward is halved every few years to keep a lid on inflation. By May 12 the reward per miner would be cut in half again to 6.25 new bitcoin.

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The effect is that the supply of bitcoin coming into the market is reduced, previous halving events that happen every four years have preceded big price increases in bitcoin.

Additional players have entered into the market as prices have trended upwards in anticipation of the halving events as bulls saw this as an opportunity to buy bitcoin ahead of a price pop, the report showed.

Market players are optimistic that the market might pull back to $8,000 and then back up to $15,000 price range.

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