Bitcoin reclaims the $20,000 throne while ETH rises on the chart. The volatility of cryptocurrencies and Bitcoin has remained a powerful influence in determining its profitability and investment appeal.
The harsh crypto winter in the first half of 2022 devastated various coins as well as crypto-related companies and services. The collapse of the Terra-LUNA ecosystem exacerbated the devastation.
Though the second half of the year provided some respite from the negative trend, it did not last as long as many anticipated. Instead, the bears have taken control of the market during the last two weeks, as the values of various crypto assets have plummeted even more.
Bitcoin, which had reached a fresh high of over $25,200, began to fall steadily. According to the Bitcoin price data, it has even dropped to the $19,500 range. The slump was not limited to the top cryptocurrency, but altcoins were also affected.
Despite the significant increases for Ethereum, particularly with the forthcoming Merge, ETH fell. Furthermore, other altcoins and cryptocurrencies fell by varying amounts, significantly hurting the crypto market. As a result, the total market capitalization had dropped by more than $50 billion in the previous two weeks.
The Tide Is Turning
The operations appear to be having a beneficial impact on the larger crypto market. As market prices begin to go north, the bulls gradually congregate. Most crypto assets are showing signs of recovery, with Bitcoin leading the charge. The latest market indicators show that Bitcoin reclaims the 20,000 throne while ETH rises on the chart
The favorable movement of all assets pushed the crypto cap into a recovery mode. It has risen by more than $50 billion, returning to the popular $1 trillion mark. Furthermore, the new shift is boosting the general market mood from ‘severe dread’ to the ‘fear’ zone.
Within the last 24 hours, BTC has recaptured the $20,000 barrier in the market. Yesterday, August 29, the price was hovering around $19,500.
Bitcoin is gradually regaining its worth as it enters a new optimistic attitude, with the price presently trading around the $20,300 range. This is a gain of almost $1,000 from its last trading price in the previous 24 hours.
Bitcoin Price Chart – 24 Hours. Source: CoinGecko
Altcoins Have Performed Better
On the other side, Bitcoin appears to be performing significantly worse than the altcoins. This is obvious in BTC’s dominance, which quantifies its proportion of the whole market. It had dropped $0.3% in the previous 24 hours.
After weeks of losses in the cryptocurrency market, altcoins have also begun to rebound. Ethereum’s price has risen considerably in the last 24 hours. At the time of writing, the price of ETH was hovering around $1,500.
Other cryptocurrencies have returned to a green plain in the last 24 hours. AVAX gained up to 13.54%, but Lido was the largest gainer of the day at the time of publication, up 17%.
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