Bitcoin enthusiasts and investors had reasons to cheer as the world’s largest cryptocurrency gained 6% in value on Thursday. The rise in the price of BTC came at the time when US equity market strengthened following the ongoing banking crisis across America and Europe. With this reach, bitcoin expands its weekly gains by close to 30%.
US Equities behind the growth in BTC Prices
Thursday, March 16 proved lucky for US equities as all top three Wall Street indexes recorded strong gains with the Nasdaq 100 reaching 2.69%. Following the positive performance of US equities, BTC rallied and jumped over 6% in value. This increase has been considered a positive sign for the cryptocurrency market, which has been witnessing volatility over the past few weeks.
Furthermore, bitcoin also witnessed strong network growth despite the volatility in the crypto space. According to the on-chain data provider Santiment, “the total amount of $BTC addresses has risen by 1.71M, a 3.95% increase over the last two months. Apart from this, massive whale transactions and deposits of over $1 billion have also been seen by Bitcoin.
Will the BTC Rally Continue ths Weekend?
Bitcoin’s recent achievements have increased hopes that the cryptocurrency will continue its upward trajectory over the weekend. However, some analysts remain cautious, stating the possibility of profit-taking by investors who have been engaged with BTC for a long time. Despite these fears, many BTC investors and enthusiasts remain hopeful for the cryptocurrency’s long-term potential, particularly as more institutional investors and major corporations continue to use BTC and other cryptocurrencies.
Popular crypto analyst Rekt Capital claimed that if bitcoin continues to grow at this speed till April, it will surely break the Macro Downtrend and develop bullish sentiments.