Bitcoin Started Slow Climb Back After Its Bloodbath Week

Bitcoin started slow climb back to higher levels after the bloodbath week that we saw and discussed in our Bitcoin news.

After a terrible week for the crypto market, the prices started rising again slowly and the entire market entered in the green on Sunday morning but the trajectory is still shaky because things can vary in a short period of time. Bitcoin started a slow climb upwards in the past 24 hours as it increased by 1.64% to $35,332 at the time of writing. It did drop a little below $35,000 on Friday and reached $34,420 but managed to increase slightly.

Ethereum is the second-largest crypto by market cap and it is up by 3.15% in 24 hours and it traded at $2,415. The two biggest assets had a hellish week but now Bitcoin and ethereum are down by 18% and 27% in the past week and both are well-off from their all-time highs that they reached back in November. Some even blamed the crypto slump on the FED and the COVID-19 pandemic as well as other macro factors while others think it indicates the arrival of the crypto winter since 2018.

Amid the Sunday green market, some top altcoins performed much better than BTC and ETH. Solana for example which is the seventh biggest coin by market cap is now up by 6% in the past 24 hours and trades at $98.51. Dogecoin as the top meem coin is up by more than 8% in the past day but still is far away from the all-time high of 73 cents. The top-performing name on the market was LUNA, the native token of Terra and the ninth biggest cryptocurrency. It is up by 9.56% in the past day and traded at $67.45 and now the network allows users to create stablecoins. LUNA had a stunning few months and hit new highs when the major coins struggled.

As recently reported, DOGE’s value multiplied a few times further in April and May and eventually reached an all-time high above $0.73 but the peak wouldn’t hold. As the wider market entered an early summer-fall, DOGE dropped hard with some occasions upward swings but never came close to reaching its top. According to Coingecko, DOGE hasn’t been above $0.30 since September. As of the time of writing, DOGE’s price dropped 81% since marking its high.