Over the past week, the entire cryptocurrency market was caught in a bearish trend, during which its flagship asset had dropped under the $20,000 mark – the lowest since December 2020.
However, this week the market seems to be recovering, with specifically around $67 billion flowing into the crypto market capitalization in only 24 hours, bringing the total market cap back to $911 billion – up from its lowest point at $844 billion, according to the CoinMarketCap data acquired on June 20.
Major assets rebounding
Meanwhile, most of the crypto assets are recovering as well, with Bitcoin (BTC) coming back above the $20,000 mark and pushing toward $21,000. By comparison, Bitcoin had crashed below $19,000 on June 18 before rebounding marginally above, as Finbold reported.
Notably, Bitcoin at press time stands at $20,862, a 5.05% gain on the day. However, its current price still represents a 13.15% loss over the previous seven days.
At the same time, Ethereum (ETH) is climbing as well, gaining 9% on the day, although it’s still down 6.62% from seven days ago. It is currently trading at $1,147 – holding on in the green despite the top 100 crypto funds cutting their ETH holdings by 85% on-chain in three months.
Trending Terra Classic
Interestingly, Terra Classic (LUNC) is the most trending coin after beginning on a rock path three weeks before, when LUNA 2.0, the platform’s original chain, suffered a significant price correction hours after its launch.
Rebranded as Terra Classic, LUNC has attracted tremendous interest among crypto traders. It is currently trading at $0.00005955, gaining 6.72% on the day, albeit still 0.81% lower than seven days before, as per CoinMarketCap information.
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Source: https://finbold.com/crypto-market-turns-green-as-nearly-70-billion-inflows-in-just-24-hours/