Bitcoin recovers to $20,000 after hitting new 18-month low while altcoins perform with massive volatility over the weekend
Bitcoin fell to 18-month lows on Saturday before recovering somewhat through Sunday although experts believe another slide could be on the horizon soon, prolonging a slide that has investors worries about growing troubles in the industry and a general decline from riskier assets. The price of the largest cryptocurrency by market capitalization initially slid to near $19,618 (approximately Rs. 15.2 lakh) early Monday before recovering. As things settle down, the price of BTC is hovering around the $20,000 mark (approximately $15.54 lakh) on global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $21,526 (approx. 16.7 lakh), an increase of 8.19% in the last 24 hours.
On global exchanges like CoinMarketCap, Coinbase, and Binance, Bitcoin price stands at $20,007 (about Rs. 15.54 lakh) while CoinGecko data shows that the value of BTC is currently in the red 24.7% weekly.
While Bitcoin managed to hold a little ground around the $20,000 mark (about Rs 15.5 lakh), Ether manage a recovery process. The second most popular cryptocurrency fell to the $951 mark (approximately Rs. 74,000) on Saturday before seeing a rally on Sunday. At the time of publication, Ether is valued at $1,161 (approximately Rs 90,000) on CoinSwitch Kuber while the value on global exchanges shows the value of the cryptocurrency at $1,081 (approximately Rs 84,000). , where the cryptocurrency has increased by 4.93% in the past 24 hours.
Despite Ether’s price increase over the past 24 hours, the value of the cryptocurrency remains in the red more than 25.7 percent when compared to last week’s value, according to CoinGecko data.
Gadgets 360’s Cryptocurrency price tracker also revealed a similar story for most major altcoins – as the global crypto market capitalization increased by 8.2% in the last 24 hours. BNB, Polkadot, avalanche, Solana, Uniswapand Chain link have all increased in value, recovering from Saturday’s decline.
Memecoins Shiba Inu and Dogecoin also saw big gains during the recovery. Dogecoin is now worth $0.06 (about Rs 5) after increasing more than 10.63 percent in value in the last 24 hours, while, Shiba Inu was valued at $0.000085 (approximately Rs. 0.000662), up 3.28 percent over the past day.
“Prices of major cryptocurrencies rose slightly over the weekend after a week of uncertainty. Despite the market turmoil, a recent Bank of America survey of more than 1,000 digital asset users indicated that investors remain optimistic about the future of cryptocurrencies, with 91% of those surveyed saying they will continue to buy crypto in the next six months. there are catalysts in the near future that will help stabilize crypto prices – this includes the much-anticipated Ethereum consolidation in the second half of the year,” the team at CoinDCX told Gadgets 360.
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