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Is the market recovering?

Matthew Fleischman

After a week-long fall in crypto prices, the crypto market seems to be flirting with a recovery.  Late June 2021 found cryptocurrencies finding their floor, for now, Bitcoin fell almost 30% in less than two weeks from a high cost to $41,000 a coin, bitcoin bottomed out just below $29,000, while Ethereum fell almost 40% in less than a month from a high just shy of $2,900 a coin to its June low of around $1,718.  But like all good inspirational stories, the self-proclaimed standard barriers of cryptocurrency picked themselves off the floor, dusted themselves off, and asked “is that all you got?”

After what many, who watch the market were calling the first look into the end of cryptocurrency as the crypto market death cross looked like it would keep going, our crypto-heros began to turn things around with bitcoin increasing 16% to around $33,000 and Ethereum the following suit with a 15% increase at roughly $1980 a coin, within 12 hours of their lowest point.

The beginning of what looks to be the beginning of a triumphant return to the fight seemed to inspire other coins on the market as the rest of the crypto market followed in suit with, Binance Coin, Cardano, Dogecoin, and Uniswap among others also beginning to climb back from their freefalls in the past 24 hours (BNB +5.64%, ADA +10.15%, DOGE +12.46%, UNI +13.44%)

Whether this is the market bouncing back to looking for a better equilibrium price range, or a beacon of false hope for investors is still up in the air.  Regardless of what’s to happen next, it, like many of the good stories from the cryptomarket, might be rather exciting to watch. 

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