Bitcoin Rallies Over 7% After Its Biggest Two-day Slide Since March

Increased retail participation on the back of an influx of institutional money, a weaker dollar and expensive valuations of equities helped the cryptocurrency market surpass the $1-trillion mark for the first time last week.

January 12, 2021 / 01:45 PM IST

Bitcoin prices made a smart comeback on January 12 rising over 7 percent. The cryptocurrency, which has been on its best bull run since 2017, dropped as much as 26 percent over Sunday and Monday in the biggest two-day slide since March 2020.

At the time of writing this copy, bitcoin was trading up 7.22 percent at $36,466.56. It touched a 24-hour high of $36,621.58 and a 24-hour low of $30,305.3. The premier cryptocurrency witnessed a sharp crash after hitting a new all-time high of $41,962.36. So far in 2021, it is up 23.21 percent.

The stellar return is on the back of a landmark year in which the premier cryptocurrency delivered over 300 percent augmenting investor’s wealth by 50 percent alone in December.

Increased retail participation on the back of an influx of institutional money, a weaker dollar and expensive valuations of equities helped the cryptocurrency market surpass the $1-trillion mark for the first time last week.

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