{"id":18340,"date":"2022-05-30T09:37:07","date_gmt":"2022-05-30T09:37:07","guid":{"rendered":"http:\/\/egrowonline.com\/?p=18340"},"modified":"2022-05-30T09:37:07","modified_gmt":"2022-05-30T09:37:07","slug":"bitcoin-reclaims-30000-level-as-crypto-market-turns-green","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=18340","title":{"rendered":"Bitcoin Reclaims $30,000 Level as Crypto Market Turns Green"},"content":{"rendered":"


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After a tumultuous month for the crypto markets, Bitcoin<\/a><\/span> (BTC) was poised to extend its losing streak<\/a> to a record nine weeks. However, that scenario has been narrowly avoided after the leading cryptocurrency jumped in the late hours on Sunday to hit a seven-day high of $30,723.<\/p>\n

Though a modest correction brought Bitcoin down to $30,594 by press time, it is still up 5.5% on the last day, according to CoinMarketCap<\/a>.<\/p>\n

Despite the latest positive sentiment, data from Coinglass<\/a> shows that Bitcoin is down 18.63% so far this month, following a 17.3% loss in gains in April.<\/p>\n

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The major question now is whether the industry’s largest asset can maintain its momentum after the latest price action.<\/p>\n

According to a recent report<\/a> by CoinShares, the recent collapse of the TerraUST stablecoin<\/a> has seen investors favoring Bitcoin, with as many as 39% of respondents saying the benchmark cryptocurrency has the most compelling growth outlook.<\/p>\n

“Markets are long overdue for a relief rally,” Hayden Hughes, CEO of social media trading platform Alpha Impact, told Bloomberg<\/i><\/a>. “Bitcoin just went through eight consecutive weeks in red territory and got technically oversold to levels we traditionally only see at the bottom of bear markets.”<\/p>\n

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Bitcoin’s pull on the market<\/h2>\n

The rest of the market is mostly in green on Monday morning too.<\/p>\n

Ethereum<\/a><\/span> (ETH), the second-largest cryptocurrency by market cap, is up 6.6% in the past day and is currently trading slightly above $1,900, per CoinMarketCap<\/a>.<\/p>\n

This was not enough to bring ETH into the green zone on a weekly chart\u2014<\/span>the coin is still down 7.35% over the last seven days.<\/p>\n

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Elsewhere in the top-10 largest cryptocurrencies, Cardano<\/a><\/span> (ADA) is the biggest gainer of the day with an 11.8% surge, followed by Solana<\/a><\/span> (SOL), which is up 8.3% in the past 24 hours.<\/p>\n

Similar to Ethereum, both ADA and SOL are in the red in the past week though, down 5% and 12.4%, respectively.<\/p>\n

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Disclaimer<\/p>\n

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/p>\n<\/div>\n

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After a tumultuous month for the crypto markets, Bitcoin (BTC) was poised to extend its losing streak to a record nine weeks. However, that scenario has been narrowly avoided after the leading cryptocurrency jumped in the late hours on Sunday to hit a seven-day high of $30,723. Though a modest correction brought Bitcoin down to […]<\/p>\n","protected":false},"author":1,"featured_media":18341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,62,4086,664,219,3680,2395],"class_list":["post-18340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-crypto","tag-green","tag-level","tag-market","tag-reclaims","tag-turns"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/05\/bitcoin-investment-top-crypto-gID_5.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18340"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18340\/revisions"}],"predecessor-version":[{"id":18342,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18340\/revisions\/18342"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/18341"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18340"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}