Bitcoin and cryptocurrency volatility have remained strong factors in determining their profitability and investment appeal. The crypto winter of the first half 2022 left many tokens and related products and services in ruins. The devastating effects were exacerbated by the fall of Terra-LUNA, which led to its destruction.
Although the bearish experiences of the first half of 2018 were somewhat less severe, the relief did not last for as long as people expected. The bears took control of the crypto market over the last two weeks, as prices for several assets fell again.
Bitcoin’s price, after reaching a high of around $25,000.200, began to fall. A report about the Bitcoin price showed that the cryptocurrency fell to $19,500. This downtrend wasn’t just limited to Bitcoin, altcoins also made it part of this train.
ETH dropped despite all the gains Ethereum had, and especially the Merge. The crypto market was also negatively affected by the drop in other altcoins or crypto coins. In the last two weeks, there was a loss of over $50 billion in cumulative market capitalization.
It seems that the tide is turning against Bitcoin
It seems that there is a positive outflow of activities to the wider cryptocurrency market. As market prices move to the north, bulls are gradually gathering. Bitcoin leads the way in promoting the recovery of most crypto assets.
Crypto cap surged to recovery after the positive movements of all the assets. The crypto cap has risen to more than $50 Billion, regaining its $1 trillion mark. Also, the new change is enhancing the general market sentiment from its previous level of ‘extreme fear’ to the ‘fear’ region.
BTC has reached the $20,000 mark within 24 hours of its entry into the market. After hovering at the $19,500 mark yesterday, August 29, this was a significant move.
Bitcoin has been regaining its value slowly by entering a bullish mood. The price currently trades in the $20,000.300 range. It represents a roughly $1,000 gain from the price it traded at 24 hours ago.
Altcoins Performed Better
The performance of Bitcoin is, however, slightly better than other altcoins. It is apparent in BTC dominance which shows its market share. This indicated that there was a $0.3% drop in value over the 24 hour period.
After weeks of losses on the cryptocurrency market, altcoins are also making progress towards recovery. Ethereum’s price has risen significantly in the last 24 hours. ETH’s current price hovers around $1,500 at the time this article was published.
Altcoins are also moving to greener pastures after gaining over the last 24 hours. AVAX gained up to 13.54% but Lido was the most successful altcoin trader of the day with a 17% gain.
Featured image taken from Pixabay. Chart from TradingView.com