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Bitcoin (BTC) has moved within striking distance of the $8,000 mark after spearheading a broader crypto market recovery trend.

Rebounding after Wednesday drop

The original cryptocurrency had a lacklustre morning session on Thursday, as it was struggling to overcome the strong downtrend that dominated Wednesday crypto trading. The digital coin’s price fell to a four-day low of $7,533.20, down from its opening level of $7,677.27.

BTC’s performance improved in the afternoon, which allowed the coin to recover its earlier losses and renew its advance towards the $8,000 mark. The coin rose to as high as $7,943.79, before finishing the day at $7,881.85.

The coin managed to retake the $7,900 mark during the opening hours of today’s session and it has been stable in subsequent trading. At the time of writing, the Bitcoin price was hovering around the $7,960 mark, according to data from digital currency tracker Coinmarketcap.

Altcoins rally

Bitcoin’s rebound appears to be part of a broader cryptocurrency uptick. Following Wednesday’s downward corrections, most digital coins are now rallying to return to the highs seen earlier this week. For example, the world’s second-largest digital coin, Ether (ETH), has risen by 6% in the past 24 hours to retake the $250 mark. Meanwhile, Litecoin (LTC) has been able to recapture the $90 price level, thanks to a 24-hour gain of over 10%. Cardano (ADA), Bitcoin Cash (BCH) and Binance Coin (BNB) are some of the others standout performers in the crypto top 10.

Still, many of those coins are trading well below their 2019 highs, set last week. The Bitcoin price for example reached $8,320.82 on May 16.

In today’s trading, the Bitcoin price stood at $7,961.46, as of 10:35 BST. The digital coin has gained 4.9% in the past 24 hours. Its total market capitalisation currently stands at just over $141 billion, which represents 56.7% of the total value of all digital currencies.

Featured image: Beautyimage / Shutterstock.com

More Resources

The post Bitcoin (BTC) bounces back as crypto market seeks to recover from recent correction appeared first on The Independent Republic.

 

source: https://theindependentrepublic.com/bitcoin-btc-bounces-back-as-crypto-market-seeks-to-recover-from-recent-correction/

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