Bitcoin and Ethereum Rebounds After Global Market Correction
Ethereum has also seen its price shrunk below $2,000, showcasing the underlying fact that the broader market trend can overpower strong fundamentals at any time. The cryptocurrency trailed the broader losses in the market, perhaps as the mining ban from China may also have a rub-off effect on it.
Market Recovery Inbound
The market is seeing a revival today as investors seek to decouple from the negative news that has permeated the industry. On-chain data also suggests new Bitcoins are being accumulated by the older set of investors, reiterating the undeniable trust being ascribed to crypto investments irrespective of the price corrections. The flagship cryptocurrency is currently trading at $39,070.56 up 6.73% in the past 24 hours. Per the chart trend, the coin’s short-term Moving Average is still bearish.
Ether is also rejuvenated, exchanging hands at $2,670.25, having gained 18.35% in the past 24 hours. The cryptocurrency appears to be on steroids at the moment with the charts below showing a push above the upper range of the Donchian Channel.
Are we in for a Full Recovery?
There may be a few more turmoil for the global crypto industry as volatility is inherent in the market. However, recovery is imminent as investors will still favor crypto for its prospective growth rate compared to the traditional market investments and its inherent low-interest rates that haven’t improved in the year-to-date period.
Greg Waisman, co-founder, and COO at the global payment network Mercuryo