The crypto market was in a red phase for a couple of weeks, but on Sunday afternoon Bitcoin finally surges above $20k, hitting $20,580, a positive sign with a 16.9% gain from its price last Saturday.
The price of Bitcoin fell below $20,000 on Saturday – its lowest point in almost two years, priced at $17,601.
As of this writing, Bitcoin is now priced at $20,672.90, an 8.52% improvement from the last 24 hours.
Read also: Bitcoin Takes Another Dip, Selling at $24k after Almost Hitting $32k
The recent surge in prices is being mirrored by eager investors. Who have reinvigorated their interest despite the declining market. Especially with the devaluation of lending giant Celsius and crypto investment firm Three Arrows Capital.
“Willing buyers have been in cash waiting to buy cheap coins,” said Selini Capital Chief Information Officer Jordi Alexander. “They have to determine if they will get to buy another 20% lower, or if this is their chance. If they wait too long, they will have to chase higher. The key question is whether the forced selling we have seen is wrapping up, or if there are still distressed sellers.”
The price of Bitcoin started at $17,601 on Saturday and fell far below the previous high it achieved in 2017, $19,783. Crypto traders never expected this drop to happen, becoming an unexpected surprise for many who follow these trends closely.
Vijay Ayyar, the vice president of corporate development and international at crypto exchange Luno, shared that unless the coin’s price closes above $23,000 on a daily time frame basis, which he says is unlikely, it may well be another “dead cat bounce.”
“We’re oversold,” he explained. “So a bounce was expected.”
Crypto lending companies are cashing in on people’s fear of losing money, promising high yields for depositing their crypto assets if they want to keep them safe and sound.
Cryptocurrency prices have been on a decline for some time now. If this trend continues, many people believe that the market may be nearing its bottom.
Read also: Dogecoin Value Plummets Further a Year After Elon Musk’s SNL Appearance
