The global cryptocurrency market is slowly getting back on its feet with a majority of cryptocurrencies showing an upward price movement. A major reason for the market recovery is because of the ascending pattern shown by Bitcoin in the past few days.
How did the price of Bitcoin lead market towards the recovery phase
Bitcoin has shown a consistent recovery in the past week recording a rise of 20% since the past week. The price of Bitcoin consecutively rose for nearly 7 days thus assuming a price level which hadn’t been recorded in the past 8 months. The ascending pattern came as a much sought relief to troubled investors who had been bearing the brunt since the massive price loss after the significant high achieved in November 2021.
However analysts are considering this recovery as a “causative recovery” and are determined that there might be a surge or loss in the upcoming days depending on market conditions.
Solana and Avalanche recording massive gains
In the past few months investors have been consistently trying to diversify their investment portfolios across various cryptocurrencies and therefore many investors have heavily invested in Solana and Avalanche thus triggering massive gains across both the cryptocurrencies.
Solana is currently trading at a rate higher than its 7 day average. The current trading price of Solana is around $45.5 which is 82% below its peak price.
Apart from Solana, Avalanche has been treading on an upward path after recording a massive gain of nearly 49.4%. However the price rate is still trading at a rate which is 82% lower than its last recorded significant high achieved in November 2022.
Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.
Author - Govind R.