Ethereum (ETH) recovers $900 as Bitcoin nears $40,000


TL;DR Breakdown

  • Bitcoin rebounds positively.
  • Altcoins follow the rebound trend.

The entire crypto market continues recovering from the recent market crash that has lasted for two weeks.

Sunday was not a good day for the altcoins, as many of them dropped. The cryptocurrency heatmaps were red. Yesterday the value of the minor digital currencies shot up. Some of the altcoins have rebounded by over 100%.

Bitcoin neared $40K on bullish trend

Last week was hell for the entire crypto market after most of the digital assets deteriorated. In the same week, the all-time digital currency Bitcoin (BTC) traded slightly above $30K. However, this week, it has started to seem different. Early Monday, the price of the digital assets started an uptrend.  The giant currency recorded a surge up to $36K. However, the most popular digital currency has not fully recovered from the wounds of the last market crash.

The entire crypto market continues recovering from the recent market crash that lasted for two weeks. The alt currencies have recorded a significant surge. Some like Ether, XRP, and many more digital assets have posted a double-figure recovery on Monday.

The recent surge in the crypto sphere was witnessed some minutes after the co-founder and CEO  of the electric-powered vehicles Elon Musk and MicroStrategy Michael Saylor hosted a meeting with the American Bitcoin miners where they agreed to form an organization to monitor the amount of fuel being consumed by the world’s largest digital asset. 

This move comes few days after Elon Musk decided to drop the digital asset from being a means of payment when purchasing with Tesla. Musk supported his move, and he said that the all-time digital asset consumes a lot of fuel energy and is, therefore, a threat to the environment. The move shook the entire crypto market where all the digital assets recorded a significant drop, with BTC dropping to as low as $30K.

However, the bitcoin market cap increased by $700b, with its dominance slightly dropped to 43.5% from 46% on Sunday.

Ethereum (ETH) recovers $900 as Bitcoin nears $40,000 1source: Tradingview

Altcoins surge

The altcoins were most affected by the recent market crash. However, this week the trend is different for the alternative coins. Many of them have recorded a significant rebound, where some recorded up to 100% rebound. 

The second-largest digital asset is one of the coins that have rebounded, making a 15% increase from the lowest it reached last week.

Source: Quantify crypto
Mark Donald

Mark Donald

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