A bit of good news for crypto enthusiasts early this week. After dropping briefly below $33,000, Bitcoin has managed to bounce back with a nice run that has it currently over $37K. That impressive run in just a span of a day has also seen numerous altcoins enjoy a rally. The price hike is nearly 4% in the past 24 hours, and started mid-Monday after the world’s top cryptocurrency erased the weekend volatile losses.
It’s still not time to celebrate, since Bitcoin suffered a nearly 50% drop from the November highs of $69,000. The crypto market has been on a decline since then in the wake of inflation rates going up and the world on the brink of economic crisis. Bitcoin has been hit hard in the past few months, yet experts remain adamant that we’ll see new price records later this year.
Hovering Above Six-Month Lows
Bitcoin’s price has been on a decline since hitting its record price in early November. After a Federal Reserve meeting around the same time, the Central Bank announced tapering bond purchases, sending BTC into a downward spiral. It has never really recovered since then, although it has stayed afloat without dropping too much.
Late last week, Bitcoin dropped in the mid-$30,000s and reached a six-month low of under $33,000. The weekend wasn’t great for Bitcoin too and there seemed to be no upside to the price drops. Many investors have fallen off the rails and sold everything they had instead of holding, sparking further price drops.
That continued until as recently as Monday when Bitcoin rallied a bit. In the past 24 hours, the price rose up by about 4%, dragging altcoins with it. While it’s not the high Bitcoin fans are hoping for, the fact that it’s currently over $37,000 instils belief that Bitcoin can go over $40K again. If it does that, experts believe a run would follow to the next support level which could put it in a spot to go even higher.
Of course, those are just dreams right now as Bitcoin’s far away from $50K. It’s clear that the roller-coaster ride will continue for the next period, but if 2021, was a blueprint, great things will follow.
Which Altcoins Rallied the Most?
Ethereum and many altcoins have rallied shoulder to shoulder with Bitcoin, reaching even further heights. In the past 24 hours, Ethereum rose over 5%, although like Bitcoin, it’s still massively declined from its November heights. In 2022, that drop is over 30%.
Other altcoins have rallied too, including Solana, XRP, Terra, Loopring, Binance Coin, Dogecoin, and Avalanche. It may not be altcoin season, but it shows that Bitcoin is still the boss that can drag the whole market up or down with it.
It’s great that altcoins are finding their way, especially when it comes to Loopring (LRC). It’s an exciting new crypto that allows high-throughput and low-cost trading and has just passed the $1 mark. Memecoins are doing good at the moment too, although experts still don’t see them as a great long-term investment. If you’re looking at short-term profits, though, the Doge bunch if a solid option.