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Bitcoin Stages a Comeback After the Selloff, Up 5%

Bitcoin Stages a Comeback After the Selloff, Up 5%

Created by TradeOr

3rd Party Analysis 21 Jul 2021

Key Takeaways

  • The price of bitcoin pushes higher, regains the $30,000 mark, trades up by about 5% on the day
  • Entire crypto market cap moves up 4.5% on Wednesday as crypto traders spark an intraday rally

Bitcoin Stages a Comeback

The leading cryptocurrency, Bitcoin, is trading higher on Wednesday after a three-day plunge wiped about 8% of the asset’s worth. The price of bitcoin today is hovering near the $31,000 level, up 5% on the day. Market participants are renewing their optimism toward the price trajectory as they have successfully pared Tuesday’s losses of about 3%.

On Tuesday, bitcoin fell below $30,000 for the first time in about a month. The selloff effort was a continuation of several days of slight depreciation caused by lack of events and low volumes.

Seemingly, the market did not extend the decline to any drastic levels as the orange coin closed less 3% to the downside, at $29,450. The price level was close to erasing all 2021-gains as the opening price of bitcoin for 2021 was $29,200.

Presently, bitcoin’s price is floating at $30,800 per coin, lifting the yearly performance to 6%.

Crypto Assets in the Green

Other major crypto assets are also seeing green arrows today. Ether, the second most valuable digital coin, is trading slightly above $1,850, about 7% higher on the day. Ethereum’s token was heavily under pressure recently as it logged the past sixth consecutive days in the red. During that period, ether’s price declined by nearly 10%.

Bitcoin and other crypto token are currently in one of their longest downtrends in search of a bottom. It’s been about 70 days since the price of Bitcoin reached a record high of $64,800 and then turned to the downside. In comparison, it took about 25 days for the crypto market to reach a bottom before turning higher at the onset of the coronavirus crisis in March last year.

Currently, the entire market valuation of the crypto space stands at $1.25tn, up about 4.5% today.

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