Amid rising uncertainty and volatility in global markets, cryptocurrencies received a sudden boost over the previous trading session, sending Bitcoin prices surging by over 20% in a span of less than a day. At the time of writing, BITCOIN is trading at around 6,138.

The rebound comes a week after the crypto market experienced massive sell-offs as the sentiment surrounding coronavirus continued to deteriorate and send investors out of instruments and towards the safety of cash. The surge also helped other cryptocurrencies climb higher, with Ether, XRP and Bitcoin Cash making gains as well.

Some analysts have forecast that Bitcoin could see some gains as a safe haven instrument to invest in, especially considering that its supply will reduce soon. Bitcoin’s supply is finite, which enhances its safe haven appeal, especially in times of high volatility and risk in conventional financial markets.

The growing risks of a possible recession in the global economy have kept traditional financial markets trading with a risk-off sentiment lately even as traders seek higher liquidity, causing known safe haven instruments like gold also highly volatile lately. Some analysts have warned that cryptocurrencies could see another sell-off which could send Bitcoin back under $4,000 in case the preference for cash continues to dominate the sentiment in the near future.