Since November 2021, when it reached a record peak, the market capitalization of all cryptocurrencies has decreased by more more than $1.5 trillion, with Bitcoin shedding more than 60 percent of its value in just six months.
According to data from CoinMarketCap, the Bitcoin price increased by more than 10 percent in the last 24 hours, trading at $30,628 as of this writing.
The price of Bitcoin has fluctuated between $28,000 and $31,000 over the past few days. Monday’s recovery reflects a 16 percent increase from the 18-month low reached in the middle of the month.
CoinMarketCap data indicate that the market capitalization of all cryptocurrencies has increased by more than $60 billion in the last 24 hours, as a result of Bitcoin’s Monday move into the green zone.
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JPMorgan Chase strategists assert that Bitcoin has “strong upside potential.” (Verve Times)
Bitcoin Showing Signs Of Recovery?
“Finally, Bitcoin is on an upward trend Michael van de Poppe, a cryptocurrency trading analyst, said. “Following some further consolidation, we’ll be prepared to break above the $32.8K and $35K resistance levels.”
The largest cryptocurrency by market capitalization has experienced nine consecutive weeks of negative statistics, compelling many investors to adopt a risk-averse stance.
According to market trackers, this is the first time in the brief history of cryptocurrencies that Bitcoin has traded in the red for nine consecutive weeks.
Meanwhile, the 24-hour volume of DeFi is almost $6.9 billion, or 9.93 percent of the 24-hour volume of the whole cryptocurrency market. All stablecoins are currently worth $60.81 billion, or 87.65 percent of the total market capitalization, whereas altcoins like as Cardano, Dogecoin, Ethereum, and Shiba Inu rose by a couple of percent.
A Bit Of A Breather For Crypto Traders
Bitcoin’s price has increased in the previous 24 hours, indicating that bulls are buying the dip. Although BTC price is down about 31 percent this month, its price increase in the last 24 hours provides some ounce of relief to traders.
Crypto analysts note that BTC may require further time to fulfill its full potential. Nevertheless, it may surpass the $30,000 mark if purchasers extend support.
Crypto total market cap at $1.25 trillion on the daily chart | Source: TradingView.com
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Analysts at JPMorgan Chase assert that Bitcoin has “strong upside potential” and have contributed to a recent shift in market mood.
For his part, “a relief rally is long deserved,” said Hayden Hughes, chief executive officer of social media trading firm Alpha Impact.
The cryptocurrency, according to Hughes, just experienced eight consecutive weeks in the red “and was technically oversold to levels we typically rarely see near the bottom of bear markets.”
Featured image from Qamarshah, chart from TradingView.com