The recent slump of the cryptocurrency market, which saw the largest and most sought-after digital asset of the space, Bitcoin, lose $10,000 in a few hours, is starting to look like a thing of the past. The crash in prices of many digital assets about two weeks had led many critics even to suggest that the market was heading for impending doom.
However, in a twist of fate and fortunes, the $2 trillion crypto market is currently gaining its strength back, as many of the assets have started to witness an upturn in fortune, much to the delight of the crypto community.
Bitcoin and Ethereum looking good again
The week started with a few lows as Bitcoin, the leading cryptocurrency whose market cap had dropped from $1 trillion, struggled around the $47K mark. However, the digital asset was able to cross the $50K mark once again last Thursday, despite its price volatility. Bitcoin continues to be the most sought-after digital asset in the crypto space, as institutional investors continued to buy the assets, despite a dip in fortunes. The assets continue to chase the $1 trillion market cap and currently trade at $50,529 at the time of writing.
On the other hand, Ethereum, which also suffered a dip in fortunes for two weeks, has also continued to witness a progressive upturn in fortunes. The leading altcoin had been hovering around the $1,500 mark almost through the week, as it struggles to hit the $2,0000 mark. However, there is good news for investors, as the asset that witnessed a rise of more than 15% in the last 48 hours now trades at $1,676 and will likely close the week on $1,700.
While the success of Bitcoin has been mainly attributed to the high interest of institutional investments in the cryptocurrency by analysts, the feeling is not the same with Ethereum. The general belief surrounding the boost of Ethereum is that the token has been reacting to a proposed launch of another phase of Ethereum 2.0, set to launch in July.
The launch of Beacon Chain, the first phase of the Ethereum 2.0, had brought immense success to the network last December. The new phase’s launch is further set to outdo Beacon Chain, as it focuses on lower transaction fees and a host of other issues that Beacon Chain does not address.
Most top ten tokens are currently performing
Aside from Bitcoin and Ethereum, many other altcoins are currently gaining strength, too, much to the crypto community’s delight. A typical example is Litecoin, which had seen a rise in fortunes of about 9% in the last 24hours, and currently trades at about $187.49 at the time of writing. Cardano’s ADA struggles, which currently trades $1.13, amidst a 24% drop in fortunes in the last seven days, haven’t affected the crypto market growth.
ADA is not the only token down, as Polkadot’s DOT has also struggled to hit its price high earlier in the year, as it currently trades $31.56, amidst a 2.3% drop in the last 24hour. However, the boost of many top ten tokens in the crypto space have received in the last week has proven to be sufficient enough for the market recovery.