Cryptocurrencies resume patchy recovery trends, reclaiming ground lost in the past week, with the global market cap rising as much as 13 percent in the last 48 hours.
For starters, Bitcoin has briefly peaked above $40,000 and slipped below $30,000 over the last few weeks, but it has mostly spent its time trading within this range.
At the time of writing, Bitcoin was trading at $35,083, erasing losses from the past week, but still down by more than 40% from April’s record high. The overall market cap is still below the $1.5 trillion mark, but there’s good news around the block as patterns from previous bull runs in 2013 and 2017 suggest it could set another record soon.
Market Behavior & Stats
Bitcoin’s return to the green has been largely spurred on the back of news that US-based financial services giant Morgan Stanley purchased 28,289 shares of Grayscale Bitcoin Trust through its Europe Opportunity Fund, reported Yahoo Finance.
Lower market caps are showing signs of growth as well. Ethereum was quick on the BTC uptick, rising north of $2,000 by 3.51 percent, after hitting hourly dips as low as $1,910 in the past 48 hours. Overall, the recovery period is proceeding at a gradual pace, and there’s a high chance we’ll see the market in green for the remainder of this week.
Cardano has upped its momentum along similar trendlines, ascending encouraging levels to $1.36 after last week’s humbling.
Binance Coin, the world’s fourth-largest cryptocurrency by market cap, is trading at $301.2, up by 3.8 percent. The currency is showing signs of positive growth in the near term despite the worldwide scrutiny of the Binance Exchange.
Dogecoin is up by almost 1 percent in the last 24 hours, standing at $0.25, despite blowing off a few investors after failing miserably last week.
Polkadot, the ninth-largest cryptocurrency by market cap, is perhaps the performer of the day, rising almost 6.5 percent to $16..3 at the time of press.
The crypto streets appear to have entered a momentary period of gradual growth, at least for the time being. While many investors fear bearish trends to prevail for the remainder of the calendar year, a few experts predict new record highs for BTC, and the overall market cap.
History rarely repeats itself … but it often rhymes. pic.twitter.com/1bOG9PGsfJ
— CryptoMorek (@ekryptopia) June 27, 2021
So, are we seeing a crash before a new all-time high for cryptocurrencies? Hit the comment section to let us know.
Feature image credit: Asia Tech