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Bitcoin last traded at these levels on June 1, when it began a downward correction that saw BTC fall from around $32,000 to below $30,000 for the majority of the weekend.
The crypto market looks to have caught a break, rebounding from last week’s losses, which were spearheaded by Bitcoin and Ethereum, the two biggest cryptocurrencies on the market. The prices of Bitcoin (BTC) and Ethereum (ETH) saw a 5% spike over the last day, which has sent a boost across the crypto market as many altcoins, as usual, are also riding the wave.
At press time, Bitcoin was trading at $31,399, finally breaching the $31K mark after several days of trading below $30,000. Bitcoin’s gain represents a 5.93% increase in price in the last 24 hours. Bitcoin last traded at these levels on June 1, when it began a downward correction that saw BTC fall from around $32,000 to below $30,000 for the majority of the weekend.
The price of Ethereum at press time was $1,902, a 6.89% gain in the last 24 hours. Although Ethereum over the last couple of days has performed well on the crypto ladder, it still faces an uphill battle to recoup most of its value after it traded above $3,800 at the start of the year.
Ethereum’s woes have been attributed to the massive sell-off in the DeFi space. The digital coin ruled the DeFi space in the crypto market at the start of the year, but then saw its investors withdraw over $40 million from ETH-based apps, over the last month, sending the total value locked (TVL) from over $113 billion on May 5 to $71.04 billion.
According to a report from CoinShare, the recent TerraUSD (UST) and Terra (LUNA) token crashes also saw investors withdraw $250 million from Ethereum-based investment funds in 2022, killing interest in the DeFi sector, which was the hottest commodity on the market just a while ago.
Bitcoin and Ethereum’s performance also took underperforming altcoins including Solana, and Cardano along for the ride. Both altcoins are up over 10% each, with Solana trading at $44.20 at press time, while Cardano’s 14% rise drove its price up to $0.636.
The seemingly little spark in the prices of Bitcoin and Ethereum has sent a renewed hope through the hearts of a part of the crypto market. Some investors remain keen on both coins making a major comeback before the end of the year, while others are just pumping their brakes on that matter for the time being, which is a result of what has transpired in the crypto market so far.
“After finishing lower for nine weeks in a row, Bitcoin finally ended the week in the green. BTC has gained over 3% since last night, edging above $31,000. The hourly trend for Bitcoin has broken above the triangle pattern. The next resistance for BTC is expected at $40,000 and immediate support is expected at $26,800. The market sentiment, however, continues to remain bleak, hovering in the “extreme fear” zone,” said the WazirX Trade desk.