Bitcoin Recovers in April After Worst Q1

May 02, 2018 at 17:21

The legacy Bitcoin (BTC) recovered in April, following a dismal performance in the first quarter of the year.

BTC opened April at $7,003.06 and ended the month at $9,240.55, showing a 32 percent increase, based on data from CoinMarketCap.

Market cap also rose 35 percent from $118.71 billion to $160.3 billion.

So far, the month is also BTC’s best performance this year. It posted a slight increase of 1.6 percent in February, opening at $10,237.30 and closing the month at $10,397.90.

BTC fell in January and March. It was down 27.6 percent in January (from $14,112.20 to $10,221.10) and dropped 32.8 percent in March (from $10,385.00 to $6,973.53).

For the most part of April, the most valuable cryptocurrency hovered in the $6,000 to $,8000 range. It experienced some hiccups and breached the $9,000 mark but failed to stay above the said level.

The month’s highest point happened in April 25 when it reached $9,745.32 but closed $8,845.74 that day.

Meanwhile, it’s highest close for the period was $9,697.50 in April 24.

Some of the major news that supported BTC for the month include an Islamic scholar declaring cryptocurrencies halal under the Shariah Law, suggesting the cryptocurrency market can be opened up to 1.8 billion Muslims globally .

International Monetary Fund (IMF) chief Christine Lagarde also said in a blogpost that cryptocurrencies have the potential to enable fast and inexpensive transactions and the blockchain technology could make financial markets safer.