The cryptocurrency market is making another turnaround. Bitcoin (BTC) has reclaimed the $85,000 price point after briefly dropping to below $80,000 last week. The global crypto market cap has risen 1.3% in the last 24 hours to $2.91 trillion. Pi Network (PI) is also experiencing a surge right now. The coin is up by 3% in the last 24 hours. Despite the slight recovery, PI is down by 31.8% in the weekly charts and 38.9% in the 14-day charts.
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Cryptocurrency Market Recovers Amid Bullish Developments
The latest rally is likely due to the Federal Reserve keeping interest rates unchanged. The market may have faced a correction if the Fed had increased borrowing rates. PI and other assets are likely experiencing a surge in investor confidence.
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Another reason for the rally could be the appointment of Paul Atkins as the new SEC chair. Investors believe Atkins will be lenient on the crypto industry, unlike his predecessor Gary Gensler.
New All-Time High For Pi Network
Pi Network (PI) has experienced a surge in popularity and price over the last few weeks. The asset hit a new all-time high of $2.99 on Feb. 26. The coin’s price has dipped by 60.6% since its February highs.
According to CoinCodex, PI will continue to rally over the coming weeks. The platform believes the coin could rise to a new all-time of $5.48 on Apr. 27. PI’s price will rally by 368.38% if it hits the $5.48 target.
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There is also a possibility that Pi Network (PI) will face a correction over time. The coin could see massive sell-offs after it is launched on various platforms. Investors could want to book profits. This could cause the coin’s price to tank.
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