Market recovery continued across the crypto space in the last 24 hours as Bitcoin briefly touched the $50,000 mark in incredible fashion. Since markets opened on Monday, crypto assets are enjoying renewed confidence from investors.
The renewed faith in the markets came due to the United States Federal Reserve’s announcement yesterday, “that it will continue to buy at least $80 billion in government debt every month until America’s employment rate recovers and inflation reaches 2%”.
The 48-hour rally brings Bitcoin back above $900 billion, but it’s still a few steps away from the dizzy heights of the $1 trillion mark it hit last month.
Most digital currencies in the crypto top 20 experienced similar jumps.is up 5.3%, Binance 7.4%, and 12.49%.
The only noticeable exception was, which is down 5.45%. It’s performance has trended in the opposite direction from the rest of the market place in the past week or so.
As we’ve witnessed trends in the past 4 months, crypto woos the same type of mainstream investors who’ve typically gone big on tech stocks in the last 12 months.
Buyers reserve an appetite for adding value to their earnings as long as there’s a safety net for keeping the confidence sky-high.