Crypto market surges by $86 billion, as Bitcoin reclaims $55,000 mark

The reduced selling pressure earlier witnessed, brought a measure of relief, as Bitcoin surged by 4.8% on the day to about $55,000.

The Crypto market rebounded strongly amid significant buying pressure from a number of high net worth entities, leading the market gain to over $86 billion in market value.

By Olumide Adesina

The reduced selling pressure earlier witnessed, brought a measure of relief, as Bitcoin surged by

4.8% on the day to about $55,000, allowing the world’s most popular crypto to reclaim its losses from the past few days.

At the time of writing this report, the crypto market was valued at $1.74 trillion posting a gain of 4.94% for the day.

READ: Why Ethereum is becoming more attractive than Bitcoin

The total crypto market volume over the last 24 hours is $120.53 billion which makes an 8.04% decrease.

• The total volume in DeFi is currently $8.75 billion, 7.26% of the total crypto market daily volume.
• The volume of all stable coins is now $89.37 billion, which is 74.15% of the total crypto market daily volume
• Bitcoin’s price is currently $55,224.50.
• Bitcoin’s dominance is currently 59.40%, a decrease of 0.08% over the day.

In addition, buying pressure in Ethereum helped the crypto market upside momentarily as it traded around $1,665.8, posting a gain of about 4% for the day.

In a tweet recently posted by Mike McGlone, senior commodity strategist at Bloomberg Intelligence, he revealed the year 2021 could be the turning point for the world’s most popular crypto asset in gaining higher momentum thus possibly hit the $400,000 mark in about three years time.

READ: Many millionaires plan to buy Crypto before 2022

#Bitcoin in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view. pic.twitter.com/Ycr1LSqEAJ

— Mike McGlone (@mikemcglone11) March 26, 2021

That being said, Peter Schiff, a strong critic of Bitcoin and highly respected gold hedge fund manager, warned investors of the risk associated with the fast-rising crypto despite news revealing top investment bank, Morgan Stanley allowed some of its wealthy customers access to Bitcoin funds exposure.

READ: $100 billion wiped in crypto market amid profit taking

“Morgan Stanley limiting crypto access to 2.5% of high net worth individual accounts, that has over $2 million in assets and have been active for over six months, shows that the bank realizes Bitcoin is very risky and wants to limit legal liability from investors who lose money,”  Schiff recently claimed.