Amid the bleeding crypto market that has dominated headlines since Monday, BTC and ETH have rebounded, leading to the overall market recovery. The flagship coin crawled back to above $30k in the early hours of Friday, exchanging at a day high of $30.9k. Currently, it trades at $30.3k, shedding about 60 cents based on CoinMarketCap.
The day before, BTC fell to its lowest in two years, trading at $26.3k. Many feared that the OG crypto would fall below the psychological level of $25k, considering the massive decline. However, the reverse was the case.
The cause of the market fall is partly attributed to the collapse of the Terra ecosystem, where UST fell to the USD. The stablecoin trades at 60 cents, with all efforts to re-peg the coin to the USD currently in motion.
BTC Recovery Offers a Glimmer of Hope
Bitcoin has witnessed a surprising plunge in 2022, starting the year in the red zone. After reaching its highest value of $68k in November 2021, the coin turned bearish and never attained that level again.
Although the coin resisted market forces to stay somewhat afloat, its resilience nature couldn’t do much when it surprisingly fell to $25k on Thursday. However, its volatile nature didn’t get the best of it for long as it mounted a recovery, rebounding to $29k before touching the $30k mark.
BTC’s volatility is no news. Several financial analysts have warned traders for years about the coin’s nature, noting the risks associated with investing in the digital asset as a beginner.
Even with the recent recovery, BTC’s performance over the last seven days is still appalling. Based on a seven-day chart, the coin is down about 16%. Market capitalization has also dropped to $576B.
Altcoins Show Resilience
Major altcoins like ether, ADA, and SOL posted good profits. Ether, the second-biggest virtual coin, is up 9% in the last day, reaching a daily high of $2.1k. The crypto is trading below $2.1k as of this writing.
Meanwhile, ADA, SOL, and AVAX staged an even bigger comeback in the last 24 hours, posting an average gain of 10% each in the market. USDT also fell due to Terra’s collapse, dropping to 95 cents. The stablecoin has since recovered, exchanging at 99 cents.
Crypto socks like Coinbase also reacted to the market recovery, closing at $58.50 per share. The stock is 9% up in the last 24 hours.