For the first time since mid-June, Bitcoin went bullish around $39,000 following a recent sell-off.
According to CoinMarketCap data, the crypto was trading at around $39,544.29 on Sunday evening. As a result, Bitcoin was up over 12.00% in the last 24 hours.
In addition, this BTC rally lifted other coins known as altcoins. This includes Ether, Cardano, XRP, Dogecoin, and many others. These coins went up 8.5%, 12.91%, 9.84%, and 13.89%, respectively. More so, the rally resulted in over $114 billion added to the crypto market, according to CoinMarketCap.
The rally comes after Bitcoin fell below $30,000 last week. At that time, the world's largest crypto was trading at $29,755.10. Some crypto experts said that it was a result of a panic sale of cryptos.
Since May, the price of Bitcoin has been fluctuating between the $30,000 to $40,000 level. However, on June 22, the price of BTC dropped below $30,000. This was the result of the Bitcoin crackdown in China. But BTC recovered after that.
So, for this recent bullish, some crypto experts credited Twitter CEO Jack Dorsey and Tesla CEO Elon Musk's comments. This is because the 2 CEOs were in a virtual Bitcoin event called “The B-Word” last week.
During the event, Elon Musk mentioned that Bitcoin might be using renewable energy soon. To continue, he said that Tesla might accept BTC payments again if BTC miners start using renewable energy. Moreover, Jack Dorsey on the other hand said that Bitcoin is a key to Twitter's future.