Bitcoin (BTC) inched up 5% to reclaim the $20,000 territory. Tuesday saw a comeback on the cryptocurrency market, with the majority of tokens trading in the green.
Bitcoin’s Tuesday rally was the first for the coin in five days, with the 4th of July daily candle about to close. This provided some dose of optimism in the bearish market.
Bitcoin and other cryptocurrencies remained virtually unchanged on Monday, with crypto assets trading at downcast prices after a huge selloff in recent months.
The global cryptocurrency market capitalization was trading at $909 billion, an increase of more than 6 percent in the last 24 hours. However, the total trading volume of cryptocurrencies increased by nearly 37 percent to $55 billion.
Today, Tuesday 5th BTC price inches close to $20, 000 as it is selling at $19,574.23 USD with a 24-hour trading volume of $24,914,638,105 USD.
After a turbulent second quarter, Bitcoin’s price has entered the third quarter with sluggish movement as it continues to consolidate around the $20,000 mark.
Since the start of 2022, increased geopolitical concerns and a change in sentiment (induced by rate increases, the conflict in Ukraine, and a dismal economic prospects) have inflicted a blow to crypto assets. This has seen a return of BTC to its levels last seen in December 2020.
BTC continues to trade at less than a third of its all-time high of $69,000, attained in November 2021. It has however maintained its position above $18,000, the bottom it touched during mid-June liquidations.