Crypto shows steady Recovery, Bitcoin up to about $50K & ETH breaks $4,000 mark

After hitting all-time highs last November, Bitcoin experienced a steady decline in value. However, following the past few days of price drops the coin has started to see a recovery of more than $3,000 a day. Simultaneously, altcoins have also been performing well, with Ethereum challenging $4,000 a day and Shiba Inu rising more than 10%.

Bitcoin experienced a steady recovery, trading at $51,484 per token on the Indian exchange CoinSwitch Kuber. On international exchanges such as CoinMarketCap, the crypto giant was valued at $49,255.

“The extent of the jump was probably driven by over-leveraged shorts,” said Vijay Ayyar, head of Asia Pacific at crypto exchange Luno in Singapore, while adding the rumors over Amazon likely had a role to play, too.

“It is exciting to see Bitcoin rally 10 percent overnight and it is clear that the general market sentiment has improved spectacularly in the last few days,” said Loukas Lagoudis, executive director at digital-assets hedge fund ARK36. “However, investors should proceed with caution and avoid overtrading, noting that the liquidity is still relatively low as we are heading into the holiday season.”

After Ethereum traded below $3,800 on Dec 20th, the second-largest crypto coin rallied to a 6% daily increase and is now above the $4,000 mark.

Furthermore, the cryptocurrency market capitalization rose by over $100 billion in a day to $2.250 trillion.

Source: CryptoPotato, BBN Bloomberg, 360Gadgets