CRYPTO WEEK AT A GLANCE; 28 JUNE 2021 UPDATE: ROAD TO RECOVERY

ROAD TO RECOVERY

Giving a bearish start to the week on 21 June 2021, volatility remained consistent. There was a crash in the market involving major cryptocurrencies, however they have regained their prices as of today’s data provided by coinmarketcap.com

Price change in the last 24 hours, data as of 09.52 hours IST on June 28, 2021:

• Bitcoin: $34,416.32 up 4.17%

• Ethereum: $1,972.76 up 5.02%

• Binance Coin: 285.48 down 0.15%

• Cardano: $1.31 up 1.87%

• Dogecoin: $0.2559 up 2.10%

• XRP: $0.6378 up 1.58%

• Polkadot: $14.81 up 0.72%

• Uniswap: $17.02 up 2.08%

If we compare the data given above with June 21, Monday’s data, we observe that today the currencies have performed better in terms of recovery. As of 11.08 hours IST, Bitcoin and Ethereum were down over 4% last Monday, which are now up 4.17% and 5.02% respectively. In fact, except Binance Coin which is down 0.15%, all currencies have reversed their bearish start and gone up.

Overall, Bitcoin hasn’t progressed as remarkably as it should have. It was trading at $34,164.70 whereas it is now trading at $34,416.32. However, it has gone up 1.34% in the last 7 days, which counts for something. As of Ethereum, it has declined by 4.80% in the last 7 days.

There hasn’t been much hope for other currencies as well. Polkadot plummeted by a staggering 22.61% if we look at the weekly data, and Uniswap by 11.39%. Looking at Binance Coin, Cardano, Dogecoin and XRP, the results are the same, with a decline in the prices.

On June 24, 2021, Bitcoin had closed at $34,662.44, which gave hope regarding its recovery. However, just the very next day, it closed at $31,637.78, showing how highly fluctuating the sector is.

Coming to Ethereum, it couldn’t go beyond its last week’s high, that was on 21 June at $2,245.32. It has been closing nearly around the same prices.

This was a challenging week for cryptocurrencies as news of a brief market crash spread like a wildfire. China’s new clampdown and strict regulations regarding crypto mining and its operations caused a major decline in prices of major cryptocurrencies including Bitcoin. Bitcoin’s prices suffered a massive snag as it plummeted below $30,000 for the very first time since 2021 started.

As we all are aware of the uncertainty surrounding cryptocurrencies, we wouldn’t be surprised if the bullish start to this week is completely reversed, paving the way for bears to profit. Volatility comes with crypto. The recovery of major currencies isn’t a sure shot guarantee that they will remain in the green. An incident like that of China can affect the prices significantly, as we all witnessed last week. As bulls, we hope for the best.

What do you think? What are your price estimates? Let us know in the comments below.

Also read: HOW CHINA PLAYED A PART IN THE 2021 CRYPTO CRASH