For almost a week, Bitcoin and other cryptocurrencies experienced a powerful dip in their prices. The entire market was in a state of volatility to the extent that many crypto sceptics and critics expected to see their long-awaited crash. Nevertheless, every time a negative news surrounds the crypto space, it turns out to be a fuel for big comebacks as we seem to be experiencing another crypto recovery phase.
The global market cap took a dip of almost $200B this week with some coins experiencing the hit more than others. The global market cap is, however, currently showing some signs of recovery at $744 B after taking a dip down to about $600B. This dip was fuelled by FUD on Coin market cap removing South Korean exchanges from price prediction models which later coincided with a statement from the South Korean Justice department about banning cryptocurrency exchanges not complying with regulations. The government later reassured the market of their continual support.
Crypto recovery update
On Sunday 6th of January, Bitcoin began a major down movement from $17,000 to a low of almost $13,000. This drop in Bitcoin’s price started after it hit its ATH of about $20,000. Also, this loss in BTC’s value is one of the biggest it has seen since 2012. In the past hour, Bitcoin seems to be taking another marathon as it price stands at $14,500 as of press time.
Ethereum, on the other hand, was the “hero coin” during the storm. It rather experienced a price spike since Sunday after leaving from $1,000 a coin to currently close to $1,330 as of writing time. Nevertheless, it also experienced a small price correction on Monday the 8th before continuing on its bullish path.
After hitting an all-time high of almost $3.50 per coin on the 7th of January, the coin had its own share of the price dump as it hit a low of $1.61 on Thursday the 11th. It is also currently seeing its share of the recent price recovery as it now stands at $2.10 with a 1.56% growth in the past hour.
On Monday 8th of January, Bitcoin cash also experienced a price dip as it hit a low of $2,275 from a high of $3,000. This lasted through the week and now it seems to be going back up with a 4% growth in the last 24hours.
It is yet to be seen if this bullish trend continues and if the crypto space is able to support this new crypto recovery movement.
What are your thoughts on this bullish crypto recovery trend? Do you think prices will keep going up from now or is it just another roller coaster ride?
Let us know your thoughts in the comment section below