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The weekend is already looking good in the crypto markets as bitcoin and several other major crypto assets charged upwards while the stock markets were closed.
Recently, there has been significant buying pressure from a number of high net worth entities, leading to an over $86 billion gain in market value.
Selling pressure eased as traders shrugged off the bitcoin options expiry on Friday, leading to a $5,000 (+10 percent) gain in the past two days. The world's largest cryptocurrency is currently changing hands around $55,000 and has reversed about half of the week's losses already.
Other major cryptocurrencies also gained significantly including ethereum, which was seen above $1,710 and is currently trading close to $1,700. Binance coin also erased about half of the week's losses with a 5 percent gain to reach $260 today.
The total crypto market volume over the last 24 hours is $120.53 billion which makes an 8.04 percent decrease.
Bloomberg Intelligence strategist Mike McGlone opined in a tweet that bitcoin is "well on its way to becoming a global digital reserve asset", stating that the year 2021 might just provide a major springboard to lift the crypto asset to the $400,000 mark in the next three years.
#Bitcoin in Transition to Risk-Off Reserve Asset: BI Commodity -- Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view. pic.twitter.com/Ycr1LSqEAJ— Mike McGlone (@mikemcglone11) March 26, 2021