Commentary: Bitfinex Market Analysts On Bitcoin And Ethereum’s Rebound
After going through one of the worst sessions, the global crypto market appears to move towards recovery as Bitcoin rebounds to $20,000 after dropping to a new low in its history over the weekend, as of Monday, 20th June.
On Sunday, Bitcoin climbed 16%, recovering its losses due to a sharp fall on Saturday taking the token to as low as $17,599.
At the time of writing, the leading cryptocurrency by market cap was trading at $20,744.82, a 5.28% rise in the past 24 hours.
Meanwhile, the top altcoin too rose above the $1,000 mark after falling below it over the weekend. As of this writing, it was trading at $1,147.94, recording a significant rise of 9.03%.
Other leading cryptocurrencies such as Dogecoin, Solana, and Cardano too contributed to the recovery of the overall market.
However, the analysts believe that the token might have experienced a significant rise, the overall atmosphere continues to bearish while headwinds surface with the monetary tightening meanwhile crypto raising concerns about widening distress.
Even though Bitcoin’s value rose as of Sunday, the top asset has suffered a whopping 30% dip this month and roughly 70% from its ATH in November.
The Market Analysts at Bitfinex have provided a market commentary on Ethereum and Bitcoin as given below:
“Bitcoin is trading higher this morning though the turbulence that we’ve witnessed across the cryptocurrency market is unlikely to abate any time soon. Cryptocurrency’s current status as a risk asset makes it a fertile ground for trading firms seeking to exploit market movements and anomalies in price across different exchanges. This is none more the case than with Ethereum as it rebounds after falling as low as US$880 over the weekend. The second-biggest cryptocurrency has clocked up a gain of about 20 percent over the past 24 hours.”
A leading peer-to-peer exchange, Bitfinex provides crypto trading services to digital asset owners worldwide. Founded in 2012, Bitfinex offers access to financed trading for various cryptocurrencies, peer-to-peer financing, and the OTC market. While the Bitfinex Market analysts possess years of valuable experience in cryptocurrency.
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