“Temporary rebound if not cleared to break through $22,500 to $23,000”
Bitcoin, the ‘leader’ of the virtual currency, recovered to the level of $21,000, surpassing $20,000 on the 9th (local time).
According to CoinMarketCap, as of 10:50 am (Eastern Time) on the same day, Bitcoin is trading at $21,63.93, up 9.6% from 24 hours ago.
This was the biggest increase in two months since July, Bloomberg News reported.
Ethereum, the second-largest cryptocurrency by market capitalization, is also trading at $1,725.60, up 5.8%.
As a result, the total market capitalization of cryptocurrencies also recaptured the $1 trillion mark.
Cryptocurrencies, which had been sluggish in the followingmath of a sharp rate hike by the US Federal Reserve (Fed), rebounded sharply today because the dollar’s superstrength has softened slightly.
The dollar index, which shows the value of the dollar once morest six major currencies, is down regarding 1% as of this morning.
However, experts are showing the view that it is difficult to see that Bitcoin, which has plummeted by 60% this year alone, has entered a full-fledged recovery.
Vijay Ayar, vice president of cryptocurrency exchange Luno, told CNBC that if Bitcoin doesn’t clearly break through the $22,500-$23,000 price range, “It’s still a bear market rally, and the downside is that there is a downside. “I think there might be more,” he said.
“Considering that central banks around the world are still wary of inflation, the current surge in the cryptocurrency market is unlikely to last long,” said Tarusha Mittal, co-founder of cryptocurrency platform Unifarm, to Bloomberg.
/yunhap news
