Bitcoin has recovered some ground after hitting its lowest price for two years yesterday, per CoinGecko.
The world’s largest cryptocurrency clawed its way back above the $16,000 mark and, on Wednesday morning, was trading 4.9% higher than a day earlier at $16,498.99.
Bitcoin hit its lowest point since November 2020 on Tuesday amid a perfect storm of high-profile bankruptcies, regulatory pressure, and short selling.
But the market was on the upswing by Wednesday, with most major coins in the green. The global cryptocurrency market cap was $862 billion, up 5.9% from a day earlier.
Ethereum posted a gain of 7% in the past 24 hours to reach $1,163.91. Meanwhile, Dogecoin jumped more than 10% to $0.08176.
But on a weekly basis, the top cryptocurrencies still had a way to go to make up for shortfalls.
