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May 23, 2022

Bitcoin Recovers $30K and LUNA Restores 12%

Following a relatively tranquil weekend, bitcoin began a spectacular run up and surpassed $30,000 for the first time. The majority of cryptocurrencies are also up, with ETH trading near $2,000 and BNB hitting a fresh two-week high.

The last seven days were far less volatile than the prior week, when BTC dropped $15,000 at one point. The asset has hovered mostly around the $30,000 mark for the past week or two, with multiple tries to firmly break through that level but with little-to-no success.

BTC soared beyond $31,000 on May 16 but was swiftly halted in its tracks and retraced by almost $2,000 in hours.

This scenario played out a couple more times, the most recent being on Friday, when bitcoin fell below $29,000 as a result of the rejection. The cryptocurrency traded basically sideways throughout the weekend, failing to break beyond the $30,000 barrier.

BTC, on the other hand, went on the offensive late yesterday night and surged to an intraday high of almost $30,500. As a result, the company’s market valuation has risen to almost $580 billion.

The altcoins were likewise very quiet over the weekend, although the majority have now gone green. After a 5% daily rise, Ethereum, the second-largest cryptocurrency, has recaptured $2,000 and is approaching $2,100.

BNB has reached $330 thanks to a similar pump, which is the asset’s highest price since May 10. Solana, Avalanche, and Shiba Inu have made even more amazing advances. Ripple, Cardano, Polkadot, Dogecoin, and Tron are all in the green, but in smaller amounts.

Terra’s two contentious cryptocurrencies, UST and LUNA, have also risen in the last 24 hours, but are still far from their two-week-old highs. In the end, the crypto market cap increased by more over $50 billion in a single day, reaching $1.3 trillion.

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