Bitcoin Briefly Reclaimed $32K For The First Time In Weeks

Bitcoin briefly reclaimed $32K for the first time in weeks and Ethereum followed with an increase of 5%, leading the market rally after a few brutal weeks so let’s read more today in our latest Bitcoin news.

It has been three weeks since Bitcoin was last at $32,000 and the broader market remained shaken after the TerraUSD collapse. Bitcoin and Ethereum saw a 5% surge in price in the past day as the marekt struggled to recover from the crash after the collapse of Terra’s USD stablecoin and Bitcoin briefly reclaimed $32K before dropping again. Right now, Bitcoin is trading at $31,790 per coin, marking an increase of $1090 in the past day and today marks a three-week high for BTC which was last seen in March. The price of Ethereum saw the price fall below $2000 a few times since May and right now, Ethereum is trading at $1,942 or up by $20,50.

#CoinMarketCap's Heat Map, updated as of May 31st 🔥
Finally seeing some green on the charts! 🟢 pic.twitter.com/gRMXF03Zi4

— CoinMarketCap (@CoinMarketCap) May 31, 2022

Ethereum’s price continues hovering at $1,950 as it prepares for the Merge which is a long-planned blockchain upgrade that will transition ETH from a power-hungry PoW system to the proof of stake mechanism. Across the board, the crypto market was in a slump when TerraUSD lost its peg to the US. Despite being in the green, BTC is down 53% from the ATH of $68,789, and Ethereum is down 60% from the ATH at $4,891.

As earlier reported, The cryptocurrency market continued its path to recovery and managed to add another $30 billion to the total cap which happens on the back of serious increases from BTC but also from a few other altcoins. Bitcoin sparks bullish hopes and managed to chart another 3.3% gains in the past day and at the time of writing, it is trading at $31,600. As can be seen from the charts, this is the highest price of BTC before the huge market dump whcih followed after the collapse of the entire Terra ecosystem. Bitcoin’s dominance as a metric that gauges the share relative to that of the market has more or less remained flat in the past day. This indicates that the main cryptocurrency and the altcoin market moved along.

Bitcoin added 5.6% in to raise over $30,000 in the Asian trading hours on Monday in a brief show of strength amid the record losing streak. The asset dropped for nine consecutive weeks for the first time in history and fell from $48,160 in late March to last week’s closing of $29,600.