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Bitcoin regains losses from FTX meltdown
(MENAFN) According to figures from CoinDesk, Bitcoin climbed beyond USD20,000 on Saturday for the first time in two months.
By market capitalization, Bitcoin is the biggest cryptocurrency in the world. It has been rising for 11 days straight and is currently trading at USD20,960 at around 06:40 GMT, an increase of 11.3 percent in the last 24 hours. Since March, the token has performed better each week.
Before the collapse of FTX, the second-largest cryptocurrency exchange in the world at the time of its insolvency, in early November, bitcoin prices had not reached this high.
Since the beginning of the year, Bitcoin has increased by more than 20 percent overall. It is still selling at a price that is almost 71 percent below the peak point in history, which was little over USD69,000. Oanda market analyst Craig Erlam informed CoinDesk, “USD20,000 once [was] deemed a disturbing low but now potentially represents a sign of a revival.”
Due to industry failures and bankruptcies, bitcoin fell last year. Most other cryptocurrency tokens followed Bitcoin's example and saw a decline as well. The overall cryptocurrency market has begun to show indications of expansion in the midst of the recent Bitcoin boom; its market value presently stands at USD979 billion, up 3.8 percent over the previous day.
By market capitalization, Bitcoin is the biggest cryptocurrency in the world. It has been rising for 11 days straight and is currently trading at USD20,960 at around 06:40 GMT, an increase of 11.3 percent in the last 24 hours. Since March, the token has performed better each week.
Before the collapse of FTX, the second-largest cryptocurrency exchange in the world at the time of its insolvency, in early November, bitcoin prices had not reached this high.
Since the beginning of the year, Bitcoin has increased by more than 20 percent overall. It is still selling at a price that is almost 71 percent below the peak point in history, which was little over USD69,000. Oanda market analyst Craig Erlam informed CoinDesk, “USD20,000 once [was] deemed a disturbing low but now potentially represents a sign of a revival.”
Due to industry failures and bankruptcies, bitcoin fell last year. Most other cryptocurrency tokens followed Bitcoin's example and saw a decline as well. The overall cryptocurrency market has begun to show indications of expansion in the midst of the recent Bitcoin boom; its market value presently stands at USD979 billion, up 3.8 percent over the previous day.
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