In March 2024, Bitcoin was able to break out of the previous high at $69,000 which was in November 2021. After the high in November 2021, price dropped to $15, 912. The lowest price since November 2022.
As a result of Trump winning the election on November 5, there was a spike in the value of BTCUSD and major cryptocurrencies. As of the time of this writing, the total market capitalization of the crypto market stands at $2.9Trillion. And in the last 24hrs, the total value of the crypto market has increased by 3.44%. The total crypto market volume over the last 24 hours is $379.33Billion. There is no guarantee of a continued bullish movement. Many holders might decide to sell off.
The current price of BTC is $87,000, a few points down from the all-time high of today at $89,962. In the last 7 days, BTCUSD has gained 16,000points. The gains might be wiped out in the next few months, as price of BTCUSD might fall to $20,000. Between November 2023 and April 2024, RSI has shown that price of BTCUSD has been overbought on the weekly chart. And currently as a result of the highs in the last one week, RSI has also shown that price has been overbought on the weekly chart.
Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto in your portfolio? Schedule a meeting with us here