Bitcoin recovers above US$20K after a weekend slump

The world’s biggest and best-known cryptocurrency, Bitcoin, recovers 7.6% to pass $20,400 after hitting its lowest price since November 2020.

Bitcoin (BTC) fell below the $18,500 price level for the first time Saturday, now perched back over $20k to $20,580 a coin, a 16.9%gain off its Saturday lows, and Ethereum, Shiba Inu, and Dogecoin zoom up to 13%.

Bitcoin lost 32% in just one month, while ETH lost more than45% in the last 30 days. According to the latest data, the market value of USDC has exceeded 56 billion US dollars, a record high, and as of now, it is 56,223,828,972 US dollars.

“Bitcoin has gone through seven or eight 50 percent corrections, every time it has come back without a bailout,” Stephan Livera , a Bitcoin podcast host, said in a live podcast.

Memecoins Shiba Inu and Dogecoin saw big gains, too, during the recovery. If Bitcoin reclaims the entry area, things will look better to ethereum as well.

According to Coindesk, Bitcoin has historically experienced asymptotic price run-ups followed by steep crashes, “typically played out several months to two years.”(1)