The cryptocurrency market has been through a rollercoaster in the last couple of months. The market has seen several phases of high volatility, urging investors and traders to take precautionary measures and apply strict stop losses. The market that boomed in April saw a complete overhaul in May. Many cryptocurrencies crashed. Bitcoin and Ethereum saw a downfall of around 50% from their all-time highs.
The market saw another bearish trend last week when major dips were observed in several crypto tokens. This trend was also prompted by Elon Musk’s tweets against Bitcoin, crashing it through the support levels. However, the market slightly recovered on Monday, showing positive signs for the trading sector.
Recent price updates
The crackdown of Chinese regulatory authorities and the influential tweets of Elon Musk gave a major blow to the crypto market. Nonetheless, the market began to slowly recover from its low points. Bitcoin found strong support at the $36,000 mark. It bounced off from the support level, and currently stands within the range of $36,000 and $37,000.
On the other hand, Ethereum made a slight recovery and managed to stay above $2,700. Ethereum also inched closer towards $2,800 as it went over by 2.5% within 24 hours.
Other cryptocurrencies like Ripple (XRP), Polkadot (DOT), Cardano (ADA), Stellar Lumen (XLM), and Litecoin (LTC) also saw a slight increase in value. ADA grew to $1.72, while XRP inched towards the $1 mark. Moreover, DOT crossed the $25 mark, and LTC stood around $180. Meme-based cryptocurrency, Dogecoin also gained a little ground over the $0.37 mark.
It was also observed that the market was rather stable. There were no major price hikes or crashes in the last few days. Apart from the external influences, the market progressed gradually which is a rather positive sign.
Crypto analysts and experts still fear that the actions of Chinese authorities can alter the performance of cryptocurrencies in the next few days. In search of a more firm ground for its own digital currency, China has issued a staunch campaign against Bitcoin and other cryptocurrencies. They are linking illegal crypto trading and mining with the criminal laws of the country.
On the other hand, there are a couple of positive developments for the crypto market as well. Firstly, Standard Chartered has announced to build a crypto brokerage. Secondly, Blockstream mining has announced to issue $5m for building open-source Bitcoin mining facilities in their US sites.