Bitcoin And Cryptocurrencies Recover After Weeks Below Key Psychological Levels

Bitcoin (BTC) and other virtual currencies are now being traded with gains as the whole crypto market seems to enjoy a positive end of the week. There are no specific events that have triggered this sudden price increase among digital assets, however, we have seen a stable week in traditional financial markets. This could be one of the reasons related to crypto stability.

Bitcoin and Digital Assets Operate Stably

The whole cryptocurrency market has now registered gains by growing 1.1% in the last 24 hours, according to data shared by CoinGecko. This has allowed Bitcoin, for example, to break above a very important psychological level: $17.000. Now, the largest digital currency is being traded for close to $17,150 and it has registered a price increase of 1% in the last 24 hours.

During the same period of time, most other virtual currencies registered similar gains. Ethereum, the second-largest digital currency grew by 1.4% to get closer to $1,300. Polygon (MATIC) registered gains of 1% as well, pushing itself to the top 10.

Despite the fact that most virtual currencies have registered gains, there have been other cryptocurrencies that operated stably or without change in their price. For example, Cardano (ADA), which is among the most popular digital assets, didn’t experience price changes in recent hours. The same happened to Binance Coin (BNB) or Polkadot (DOT).

Among the top 100 digital assets, OKC (OKT) was the one with the largest gains in the last 24 hours. This coin gained 9.2%, becoming the best-performing asset among the top 100. It was followed by The Graph (GRT) with a price increase of 5.6%, DASH (DASH) with a growth of 6% and EOS (EOS), which moved higher by 5%.

As we can see, despite the positive day for virtual currencies, most of them didn’t experience massive gains. It was a relatively positive day for the whole crypto industry as we get closer to the end of the year. Multiple analysts have been trying to understand what could happen with cryptocurrencies and with the current bear market.

Now, the main question that we need to understand is whether the bear market is over for the crypto industry or if we could face a new year with a bear trend. Bitcoin registered an all-time high in November last year when it hit $69,000 per coin. At that time, investors and users in the crypto industry thought that BTC could hit $100,000 and even reach larger values.

However, this did not happen. Indeed, Bitcoin entered a bear trend that pushed its price to below $16,000 a few weeks ago. Additionally, multiple digital currencies followed the same trend and the whole market entered a new winter where most digital currencies lost over 70% of their value in the lapse of a year.

There are many other coins that have lost more than 90% of their value, while others have simply disappeared. This is something similar to what happened with the crypto industry in 2018 when Bitcoin dropped below $3,200 after initial coin offerings (ICOs) imploded.