Bitcoin Move Past $20K, Ether Soars Above $1,100

Date:

Share post:

Public' Adds Cryptocurrency Trading Citing Millions of Investors See Crypto  as 'Compelling Asset Class' – Exchanges Bitcoin News

Bitcoin surged past $20,000 Sunday afternoon to $20,580 a coin, a 16.9% gain off its Saturday lows.

The rally comes just one day after bitcoin, the largest cryptocurrency by market capitalization, fell below $20,000, its lowest price since November 2020. As of press time, bitcoin was trading at about $20,383 a coin.

Bitcoin’s price surge reflects traders’ renewed appetite for risk, even as the market continues to digest the fallout surrounding crypto lending giant Celsius and crypto investment firm Three Arrows Capital.

“Willing buyers have been in cash waiting to buy cheap coins,” Jordi Alexander, CIO of Selini Capital, told CoinDesk in a Telegram message. “They have to determine if they will get to buy another 20% lower, or if this is their chance. If they wait too long, they will have to chase higher.”

“The key question is whether the forced selling we have seen is wrapping up, or if there are still distressed sellers,” added Alexander.

CoinDesk - Unknown

Bitcoin price data (CoinDesk).

Early Saturday, the price of bitcoin plummeted below $20,000 and dipped as low as $17,601 later in the trading day. The drop also put bitcoin below the $19,783 all-time high it notched in December 2017, a level many crypto traders believed bitcoin would not fall below.

Ether, the second largest cryptocurrency by market capitalization, enjoyed an even bigger rebound after falling as low as $880 on Saturday. As of press time, ETH was trading at $1,133, a 20% gain over the past 24 hours and a 29% gain off of its Saturday low.

On a year-to-date basis, bitcoin is still down 56%, while Ether has lost 69% of its value.

source:coindesk.com

Related articles

Accra: Kantamanto market On Fire!

Parts of the Kantamanto market in Accra have been destroyed by fire. The incident on Tuesday morning destroyed many...

Tips for Comparing Online Mortgage Lenders

Comparing online lenders is not much different than comparing brick-and-mortar banks or credit unions. Mortgage borrowers should choose a...

Safety Tips And Warning Signs For Older Drivers

How does age affect driving? For many of us, driving is a major aspect of maintaining our independence as...

The Different Types Learning Disorders And Their Signs

What are learning disabilities? Learning disabilities or learning disorders are umbrella terms for a wide variety of learning problems....