Crypto Market in Green, Bitcoin Price More than USD 98,800

The price of Bitcoin, the largest cryptocurrency in terms of market value, rose on Monday. The price of Bitcoin was up more than one percent and was trading at more than $98,800. This most popular cryptocurrency had made a high of more than $1,08,800 last month. However, after this there was a significant decline in Hitcoin.

Market analysts say that if Bitcoin crosses the important resistance at $99,500, it could see a strong rise. However, if it fails to cross this level, there is a possibility of its price falling. Ether is the second largest cryptocurrency on the international crypto exchange Binance. price It was up about 0.75 percent at $3,631. Apart from this, the prices of Avalanche, Cardano, Litecoin and Monero have increased. In the last one day, the market value of crypto increased by about 0.52 percent to about $ 3.52 lakh crore. Bitcoin’s share in this market is about 56 percent.

The interest of institutional investors in Bitcoin is also increasing. Enterprise software maker MicroStrategy purchased large amounts of Bitcoin for the eighth consecutive week in late December. It is the company with the largest holding of Bitcoin. MicroStrategy holds approximately 4,46,000 Bitcoins.

Recently this company had said that it can buy Bitcoin by issuing more shares this year. Last year the price of Bitcoin increased by more than 130 percent. However, questions are also being raised on MicroStrategy’s strategy of buying Bitcoin by selling shares. During the presidential election campaign in America, Donald Trump had hinted at creating a reserve of Bitcoin. However, the Federal Reserve says it does not intend to get involved in the upcoming government plan to create a large stock of Bitcoin. Russian companies are using Bitcoin in their business abroad. Russia had changed the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries. Russian President Vladimir Putin had said that the current US government is reducing the role of the US dollar by using it for political purposes. Because of this many countries are having to turn to other assets.