Bitcoin price rises above $98,800 in crypto market

 The price of Bitcoin, the largest cryptocurrency by market value, rose on Monday. Bitcoin price was trading above $98,800, up more than one percent. This most popular cryptocurrency made a high of over $1,08,800 last month. However, after this Bitcoin had a significant decline.

Market analysts say that if Bitcoin crosses the critical resistance at $99,500, it could see a strong rally. However, if it fails to cross this level, its price is expected to fall. The price of Ether, the second-largest cryptocurrency on international crypto exchange Binance, was up about 0.75 percent at $3,631. Apart from this, prices of Avalanche, Cardano, Litecoin and Monero have increased. In the last one day, the market value of the crypto key increased by about 0.52 percent to about 3.52 trillion dollars. Bitcoin's share in this market is around 56 percent.

The interest of institutional investors in Bitcoin is also increasing. Enterprise software maker MicroStrategy bought bitcoin for the eighth straight week at the end of December. It is the largest holding company of Bitcoin. Microstrategy has about 4,46,000 bitcoins.

Recently, the company said that it could buy Bitcoin by issuing more shares this year. Last year, the price of Bitcoin increased by more than 130 percent. However, questions are also being raised about the microstrategy's strategy of selling shares and buying bitcoins. During the campaign for the presidential election in America, Donald Trump signaled to create a reserve of Bitcoin. However, the Federal Reserve says it has no intention of creating a large stockpile of Bitcoin or being included in the upcoming government's plan. Bitcoin is being used by Russian companies in foreign trade. Russia changed the law to allow the use of cryptocurrencies to deal with Western restrictions. Russian President Vladimir Putin said that the current government of America is reducing its role by using the US dollar for political purposes. Because of this many countries have to turn to other assets.