Bitcoin is making a recovery, up 4% in the last 24 hours, trading at around $61,000. This comes as El Salvador’s government announced Wednesday it had purchased more bitcoin for its official account.
On Wednesday, El Salvadorian President Nayib Bukele tweeted that his government had “bought the dip,” adding an additional 420 BTC, which is equivalent to around $25 million. El Salvador’s treasury now holds an estimated 1,120 bitcoin, according to a Reuters report.
“Today the markets were buoyed by news of additional state level purchases from El Salvador, indicating the country’s intentions to continue to acquire,” said Jason Deane, analyst at Quantum Economics.
Underlying sentiment remains extremely bullish for the top cryptos, especially bitcoin, according to Deane.
The world’s largest cryptocurrency reached an all-time high on Oct. 20 around $66,900, a day after the first bitcoin futures exchange-traded-fund (ETF) in the U.S. launched on the New York Stock Exchange. Bitcoin crashed a week later, falling below the $60,000 mark – before retaking the level early Thursday.
“After a legendary sell-off that was predominantly in altcoins, we are seeing some relief and a bounce off initial $58,000 support,” said Matthew Dibb, chief operating officer at Stack Funds.
Looking forward, Dibb said that “the next day will likely continue to be volatile with a large options expiry happening tomorrow.”
Dibb expects bitcoin and ether to surpass recent all-time highs within the next few weeks.
Ether (ETH), the native cryptocurrency of the Ethereum blockchain, reached an all-time high on Oct. 21 of $4,359. At press time, ETH was trading up 4.1% over the past 24 hours to $4,186.
Other altcoins rallying in the last 24 hours include DOGE, which is up 25%, and SHIB, which has surged 30%.
