Bitcoin up 6.6% in 2 days

Bitcoin lovers and “To the moon” cultists may rejoice in the short term as their favorite asset has performed well in recent days with a 6.6% gain. On November 3, the minimum value of the coin was $20,103, and on November 5, the main crypto asset rose to $21,444. At the time of writing, Bitcoin is slightly down and its correction figures are $21,268.

The growth of bitcoin, of course, can be associated with the recent news from the US Federal Reserve. Representatives of the Federal Reserve System raised the rate by 0.75%, which is quite a lot. Thus, many Americans, frightened by the deflationary factor of such an act, began to transfer their funds to bitcoin, which in the long run shows a deflationary character.

Polygon (MATIC), Solana (SOL), Ripple (XRP), Cardano (ADA), Ethereum (ETH) and Binance Coin (BNB) also showed the same rapid growth. Over the past week, the above cryptocurrencies were able to increase 29%, 7.95%, 5.86% and 5.16%, 2.32% and 12.58%, respectively.

Many crypto enthusiasts and content authors on various platforms are sure that the ascension to the moon of the main crypto asset has already begun. However, we, like the other half of crypto enthusiasts, believe that the current Bitcoin cycle has not yet ended and the process of finding the so-called bottom has not yet been completed. Bitcoin is likely to show a decline, and the market is still bearish.

Not only such digital assets have shown development in recent times. We previously reported that Meta has taken another step towards NFT and is already testing a new feature that will allow you to exchange, display and sell NFT tokens on the Instagram entertainment platform. If you missed this news, we recommend that you read our material to restore knowledge gaps.

As for the situation with Bitcoin over the past month, now the main cryptocurrency is showing a more bullish character. On November 13, the value of the crypto asset was $18,451 and later gave three strong jumps up. First: in the period from October 13 to 14 from $18,451 to $19,411; the second: in the period from October 25 to 26 from $19,375 to $20,839; third: from November 3 to 5 from $20,103 to $21,444.