After Cardano, Solana has also surged above $20,000

Bitcoin maintained above $20,000, indicating that cryptocurrency values are beginning to recover after last week’s fall.

Bitcoin maintained above $20,000, indicating that cryptocurrency values are beginning to recover after last week’s fall. The world’s largest and most popular cryptocurrency increased by almost 2% to $20,412 at the time of writing. According to CoinGecko, the worldwide cryptocurrency market valuation is now below $1 trillion, but it has risen around 3% in the last 24 hours to $941 billion.

On the other hand, Ether, the second largest cryptocurrency and the coin tied to the Ethereum blockchain, increased by more than 3% to $1,113. Meanwhile, the price of dogecoin was up a percent today to $0.05, while Shiba Inu was down slightly to $0.000008.

Other crypto prices have also improved today, with Stellar, Uniswap, XRP, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin, and Tron all seeing discounts of 2-8 percent in the previous 24 hours.

Following a tumultuous week, Bitcoin fell below $20,000 for the first time since 2020. According to Glassnode, realised losses on Bitcoin assets hit a new high of $7.3 billion last week. “With forced sellers appearing to drive much of the recent sell-side, the market might begin to eye whether signals of seller exhaustion are emerging over the coming weeks and months,” according to the research.

According to Bloomberg, the T3 Bitcoin Volatility Index, which measures the token’s predicted 30-day volatility, has climbed back to mid-May highs, when the collapse of the TerraUSD stablecoin rattled markets.

As global central banks have moved to boosting interest rates to tame skyrocketing inflation, digital assets, like other risky assets, have been selling off all year.

Further uncertainty has been introduced into the business by developments such as lender Celsius halting withdrawals and decentralized-finance applications adopting unusual efforts to safeguard themselves against cascading liquidations.

Celsius Network Ltd., the embattled crypto lending platform, said on Monday that it needs additional time to reestablish its liquidity and operations after freezing deposits in June.

Meanwhile, ProShares, a bitcoin-linked exchange traded fund (ETF) provider, revealed on Monday that an ETF geared at shorting the world’s largest cryptocurrency will be launched on Tuesday.