The Prices of Bitcoin and Ethereum Rose by 5% and the Crypto Market Rebounded

The last time Bitcoin traded at these levels was on June 1, when it began to correct downward. For most of the weekend, BTC fell from about $32000 to less than $30000.

The cryptocurrency market seems to have grasped a breakthrough and rebounded from last week’s losses, led by Bitcoin and Ethereum, the two largest cryptocurrencies in the market. The prices of Bitcoin (BTC) and Ethereum (ETH) have soared by 5% in the past day, which has boosted the entire cryptocurrency market, as many alternative currencies are riding the wind and waves as usual.

In an interview with reporters, the transaction price of Bitcoin was $31399. After several days of trading below $30000, it finally broke through the $31000 mark. The rise of Bitcoin means that the price has increased by 5.93% in the past 24 hours. The last time Bitcoin traded at these levels was on June 1, when it began to correct downward. For most of the weekend, BTC fell from about $32000 to less than $30000.

a Tough Battle to Recover

When interviewed by the reporter, the price of Ethereum was US $1902, up 6.89% in the past 24 hours. Although Ethereum has performed well on the cryptocurrency ladder in the past few days, it still faces a tough battle to recover most of its value after the transaction volume exceeded $3800 at the beginning of the year.

Ethereum’s dilemma was attributed to the large-scale sell-off in the field of defi. At the beginning of this year, the digital currency dominated the defi space of the cryptocurrency market, but then saw its investors withdraw more than $40million from eth based applications. In the past month, the total value lock-in (TVL) fell to $71.04 billion from more than $113 billion on May 5.

According to the report of coinshare, recently the terrausd (UST) and Terra (LUNA) tokens collapsed, and investors withdrew $250million from Ethereum based investment funds in 2022, killing their interest in the field of defi, which was the hottest commodity in the market not long ago.

The performance of Bitcoin and Ethereum also took the underperforming altcoins, including Solana, with Cardano. The two alternative currencies rose by more than 10% respectively. In an interview with reporters, the trading price of Solana was $44.20, while that of Cardano rose by 14%, pushing its price up to $0.636.

Download App for Android

Download App for iOS

Bitcoin and Ethereum Seem to Have no Spark

The prices of Bitcoin and Ethereum seem to have no spark, which has rekindled hope in the hearts of some people in the cryptocurrency market. Some investors are still keen on the large-scale return of these two coins before the end of the year, while others have only temporarily stepped on the brake for this matter, which is also the result of what has happened in the cryptocurrency market so far.

“After nine consecutive weeks of decline, Bitcoin finally ended this week in green. Since last night, BTC has risen by more than 3%, close to more than US $31000. The hourly trend of Bitcoin has broken through the triangle. It is expected that the next resistance level of BTC will be US $40000, and the immediate support level will be US $26800. However, market sentiment continues to remain bleak, hovering in the” extreme fear “area,” said wazirx trading desk.