Crypto Market Recovers, Market Cap Rises By About $68B In 24 Hours

This past week has been tough for the broader crypto market. Bitcoin’s price broke the $20K support to trade and traded at a 2-year low on Saturday.

However, the market has started the week on a recovery note. In the last 24 hours, there has been an inflow of about $68B into the market. Thus, the market’s overall evaluation has surged from $844B to $911B within 24 hours.

Most crypto assets are also on a recovery. The leading digital asset has recovered from sub-$20K levels. However, it still trades around the $20.5K range. As previously reported, bitcoin traded at $17K on Saturday (at some exchanges) before slightly recovering before the weekend was over.

According to the latest Coinmarketcap data, the leading digital asset has gained 4.72% in the past 24 hours, trading at $20.4K. However, it remains 13.2% off its price in the last seven days. Like BTC, Ethereum has also made some appreciable gains.

It is up 8.95% in the last day and trades at $1.12k, according to the Coinmarketcap data. Nevertheless, its current price still represents a 6.62% loss in the last seven days. ETH’s gains are more appreciable given recent data. Multiple data show that the top 100 crypto funds have reduced their Ethereum holdings by 85% in the last 90 days.

The Most Trending Coin

Following a rocky start to its launch 21 days ago, terra classic (LUNC) is the most trending coin as of this writing. It gained 2.16% overnight to trade at $0.00005955. However, it was still 0.81% down from its value seven days ago.

The LUNA 2.0’s native token experienced a huge price correction a few hours after launch. Crypto traders have shown increased interest in LUNC recently.

Bitcoin Holders Should Not Get Excited About BTC Recovery – Peter Schiff

Euro Pacific Capital CEO, Peter Schiff, has warned that BTC’s price trading above $20K will not last for long. Schiff added that bitcoin holders should lower their expectations about a possible BTC recovery. According to him, it is normal for any asset to rise slightly following a major decline.

He also said there would always be some bumps along the way when a drop is happening. Schiff further disclosed that the leading digital asset hadn’t shown any sign of a bottom out from the present bear market.

The Euro Pacific Capital CEO had often said that bitcoin would still trade at $6K. On Saturday, he tweeted that his prediction about the crypto market has come to pass. He had predicted that the overall evaluation of the crypto market would drop below $800B,

However, Schiff admitted that his prediction didn’t happen on the day he predicted. He also said the altcoins are performing better than his forecasts.