News

Market Recovery: BTC above $20K, ETH, $1K

Published

3 years ago

June 20, 2022

Bitcoin is back above $20,000 while ETH climbs above $1,000. In the last 7 days, the highest price of BTC was slightly above $25,000 which is a significant fall from its ATH of $69,000. BTC was also below $20,000 a few days ago and the panic in the market was “will it bounce back or not?” For ETH it has not been a different case as most times when BTC goes up or down, ETH goes through the same circle although not in the exact value.

ETH climbed above $1,000 in the last 24 hours trading at $1,077 as of the time of publication. This represents a fall of more than 75% from its ATH, $4,891.70.

For more than a month, the crypto market has experienced a bearish fall with the industry losing more than $60B recently while sustaining a total market cap of around $878.71B representing more than 65% drop from the ATH.

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Effects on Other Altcoins

It’s a peculiar circle to see that as BTC goes, so do other cryptocurrencies in the market. Apart from Ethereum which is affected by the market pull, BNB also rose from around $190 to over $200 in the last 24hrs. This is coming after a downward and upward trend of BTC. Other assets like Cardano, TRON, Ripple, and Solana etc are not left out.

Any Hope for BTC and the Crypto Market?

As the market’s negative sentiment grows with the bears biting harder, the CEO of Galaxy Investment Partners, Mike Novogratz, insists that Bitcoin is going nowhere but will take a while to bounce back.

Adam Back, CEO of Blockstream also has high hopes for the crypto market and he sets the bar at $100,000 for BTC by the end of 2022. The Binance mogul, CZ, says this downward market is his third cycle:

Q: CZ, how do you see this market?

I dunno. It's my 3rd cycle.

2013 ATH $1k, then low of $200 for a year.

2017 ATH $20k, then low of $3k for a year.

2021 ATH $68k, low of $20k…

I am not a good TA, but do you see a trend?

— CZ 🔶 Binance (@cz_binance) June 18, 2022