CoinDesk Reports:
The cryptocurrency market has undoubtedly seen significant movements over the past few days, with prices dropping to their lowest levels since February.
It now appears that the bull market is attempting a comeback, or at least a slight recovery. Bitcoin has surged to over $5,600 at the time of writing, marking an approximately 4% increase over the past 24 hours. The cryptocurrency had previously dropped to a five-month low of $53,550, but the bull market managed to bounce back, recovering about $3,000 from the low point.
Source: TradingView
This adjustment comes amidst growing concerns over increased selling pressure, as Mt. Gox begins reimbursing its creditors and the German government continues to liquidate BTC seized in a high-profile case several years ago.
Altcoins are also rebounding, with most attempting to recover from recent lows. According to Quantitative Crypto, as shown in the chart above, the market is predominantly in the green. AVAX has surged by 12%, matching gains seen in TON, DOGE, and PEPE. Shiba Inu (SHIB), a popular meme coin themed around dogs, has successfully regained 15%.
Major cryptocurrencies like Ethereum, Binance Coin, Solana, Bitcoin Cash, and MATIC have seen gains ranging from 4.5% to 10%.
In conclusion, the market appears to be consolidating, though it remains to be seen whether this situation will persist over the week or if another wave of selling pressure will emerge. It’s worth noting that many experts view the recent corrections as normal, cautioning against frequent 30% declines seen in past commodity markets.