Bitcoin has had one of the worst days this year starting with its April’s bearish journey. However, it looks like the world’s leading cryptocurrency has started its recovery journey as it has reclaimed its $21,000 level.
At the moment, Bitcoin is trading at $21,988 with a surge of 7.84% in the last 24hrs. The flagship currency’s market capitalization has also increased by 13% for the week and if the currency manages to hold on to this, then this will be one of the biggest gains ever seen since 2021.
It’s just not Bitcoin, other currencies like Ethereum, Avalanche, and Solana also have seen a bull run pushing the global crypto market cap towards $1 trillion. The main drive for such a positive outcome is the rally of the stocks.
Bitcoin Is Still 50% Down
Nevertheless, when only the year 2022 is considered, Bitcoin is still more than 50% down due to strict financial policies and crypto’s prolonged bearish stance.
Chief investment officer at IDX Digital assets, Ben McMillan is of the opinion that risk markets are all over the space due to which the crypto is trading higher. He also believes that amidst this negative news and huge liquidations, most crypto investors are still holding their positions and waiting for the next bull run.
Among all this negative news on the bankruptcy of Voyager, Three Arrows Capital among others has created a new kind of fear among investors and traders.
Now, only time can reveal if the Bitcoin price will continue with its recovery rally or will see another bottom before a rally.
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Source: https://coinpedia.org/bitcoin/bitcoin-hits-highest-weekly-gain-whats-next-btc-price/