Crypto Market in Green, Bitcoin Price More than USD 96,600

The start of the new year has been good for the crypto market. Bitcoin, the largest cryptocurrency by market value, rose to just over $96,600 on Friday. There was a significant decline in the price of this most popular cryptocurrency at the end of last year. Earlier, Bitcoin had made a high level of more than $1,08,800.

There was also profit in Ether, the second largest cryptocurrency. The price of Ether on international crypto exchange Binance was trading at more than $3,440, up by more than 0.20 percent. Solana has increased by more than two percent. Its price was around $211. Other bullish cryptocurrencies included Avalanche, Cardano, Ripple, Tether, Chainlink and Stellar. The market capitalization of crypto stood at around $3.40 lakh crore with an increase of about 2.02 percent in the last one day.

Market experts say that the next resistance for Bitcoin is at $98,400 and support is around $95,000. The interest of institutional investors in Bitcoin is 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 new government’s 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. Last month, Russian President Vladimir Putin 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. He gave the example of Bitcoin among these types of assets.