The entire crypto market experienced a bearish trend this past week, during which bitcoin fell below $20k – the lowest since December 2020.
However, the crypto market is picking up steam, with $67 billion flowing into the industry within 24 hours. This brings total market capitalization back to $911 billion from its lowest point of $844 billion, according to CoinMarketCap data acquired on June 20th
Crypto Major Assets Rebounding
The crypto world has seen significant recoveries this week, with Bitcoin coming back above $20k and pushing toward 21K. Most other coins are also on an upswing – even those that were taking a nose dive before things started turning around. FOr example, the price of Bitcoin briefly dipped below $19,000 on June 18 before recovering slightly.
As of the time of writing, Bitcoin (BTC) is currently valued at $20,629, a 4.36% gain in the last 24hrs; however, its current price still represents a 13% loss over the previous seven days.
At the same time, Ethereum (ETH) is currently valued at $1,138 a 7.64% gain in the last 24hrs; however, its current price still represents a 6.62% loss over the previous seven days. Ethereum is holding strong in the green despite an 85% reduction of funds from the top 100 crypto-funds over three months.
Crypto Trending: Terra Classic
The most trending coin after beginning on a rock path three weeks before, when LUNA 2.0 suffered significant price correction hours after its launch is terra classic (LUNC).
LUNC’s brand transformation has been a success. The asset was rebranded as Terra Classic and now attracting tremendous interest from crypto traders.
The cryptocurrency is currently trading at $0.00005889, gaining 2.61% on the day and 3.05% lower than seven days before as per CoinMarketCap information..
What’s Causing the Uptick?
The most likely cause for this recent market trend is that investors are seeing potential in the industry again after a brief period of uncertainty. With Bitcoin nearing $21,000, it’s clear that there is still a lot of interest in the space.
It’s also worth noting that the overall market capitalization of all cryptocurrencies is still well below its all-time high of $1.4 trillion. This means that there is still a lot of room for growth in the industry and that the current influx of capital could be just the beginning.
The overall market is still in a correction phase and it might take some time before we see any significant price movement. In the meantime, keep an eye out for altcoins that might be ready to take off – they could offer some good trading opportunities in the coming days.