The last 24 hours have been challenging for the world’s most famous cryptocurrency, Bitcoin, and the rest of the market. BTC plunged to its three-month lowest level, but on Thursday, the token managed to regain almost ten thousand in its value, giving investors hopes for a further bounceback.
The recent bear run in the crypto market also affected the altcoins, with the second most popular toke, Ethereum, touching the $2,000 mark, and Binance’s token BNB touched the $300 market.
The last twenty-four hours suggest that the crypto market is not boring at all, with the leading cryptocurrency leading the push towards red, which was prompted by Tesla’s CEO Elon Musk‘s criticism on the coin, who called it highly centralized as well as a new crypto rule imposed by the Chinese government.
However, BTC shocked everyone on Thursday, when in merely a matter of minutes, it managed to regain $10K in value – the biggest correction so far. Besides that, many experts also criticized the overpriced leverages and described them as a reason behind the market’s negative run.
On the other hand, the leading altcoin, Ethereum, also managed to bounce back to $3K on Wednesday. But later, it plunged to the $2,700 mark. Besides that, the Binance token also regained its value and was trading at $500 yesterday.
Growing Interest In Crypto Market
Following the recent trends in the crypto market, the digital asset market has managed to attract the attention of retail investors. According to the latest data provided by Google, the crypto-related searches have surged to an all-time high, with queries ranging from its performance to its effects on the global climate.
The most interesting part of the report remained the increasing interest around its environmental impacts. Experts suggest that Musk is also to blame for it as he is the one who publicly criticized the currency’s massive energy consumption.
This is not the first time that the interest around the digital market is growing, but previously in 2017/18 during the BTC’s last bullish run. However, a few months down the lane, the bear took over, and things faded. But since the outbreak of the coronavirus pandemic, the interest has skyrocketed.