ISLAMABAD: Bitcoin and Ethereum cryptocurrencies have regained a significant value in the last couple of days ahead of “Miami Bitcoin Conference”, starting from Thursday (today) in the United States. Thousands of investors, businessmen, and Bitcoin traders are participating in this important event that will bolster growth in demand and value of Bitcoin and other cryptocurrencies.
On May 3, 2021, market capitalization of two currencies, Bitcoin and Ethereum, has once again crossed the one trillion dollars mark. Bitcoin is being traded above $39k with a $736 billion market cap while Ethereum price is fluctuating around $2,837 with increase in market cap to $334 billion.
Detailed gathered by The Truth International revealed that in recent few days, Bitcoin and Ethereum alone have regained more than $100 billion market capitalization because of consolidation in their market value as clouds of US-China cold war in cryptocurrencies are dissipating and Miami Bitcoin Conference, starting from May 3. After breaching the $34,000 price level in May 2021, Bitcoin price has consolidated above $39,000 on May 3, 2021, while the value of Ethereum has also surged to $2,880 today after falling to below 2,200 in May.
Interestingly, Bitcoin and Ethereum hold more than 80 percent market capitalization of cryptocurrencies. Still Bitcoin is far away from its highest market cap of $1.1 trillion. Bitcoin breached this price level three times before the emergence of tug of war between the United States and China in May over mining of Bitcoin, known as king of cryptocurrencies in the market. Market cap of Ethereum, which fell below $300 billion a few days ago from $550 billion, once again has edged up to $335 billion on May 3, 2021. The way Bitcoin and Ethereum are gaining value in recent days, it appears the cryptocurrencies will gradually regain their lost market cap soon.
Important to note is that whenever Bitcoin fell below $35,000, its demand in the market increased and within a day it resurged to $37,000 or $38,000. According to market analysts, Bitcoin has developed a resistance level between $35,000 to $37,000 prices. Similarly, Ethereum has also stayed above $2,100 price throughout the tough time in recent days and it reached close to $3,000 on May 3, 2021. Value of some other cryptocurrencies also remained in the green area with an increase in their demand today.
Analysts believe that the Miami Bitcoin Conference in America will be effective to bolster growth in the price of this leading cryptocurrency to around $45,000 in a few days. Experts are saying that in this conference, investors and traders will discuss strategies to promote trading of Bitcoin and to save it from crashing. In the last two days, Bitcoin and other altcoins have gained a significant value mainly because of the Miami Bitcoin Conference with anticipation that this important gathering will play a vital role to uplift demand and value of cryptocurrencies. In May 2021, Bitcoin and cryptocurrencies suffered a serious setback amid the US-China cold war on mining of Bitcoin with coal-based energy. Miami Bitcoin Conference is expected to mitigate the downfall of Bitcoin and restore its lost glory.