Crypto Catch: Bitcoin roars back to form, on track to regain US$32k level

Highlights

• The crypto winter, which has plagued the market since the closing month of last year, could finally be coming to an end.
• After being stuck in a bear run for the better part of a month, the top-ranked cryptocurrency, soared as high as eight per cent this morning.

The crypto winter, which has plagued the market since the closing month of last year, could finally be coming to an end. Yesterday, flagship token, Bitcoin, roared back into the fray and extended its gains to Tuesday as well.

After being stuck in a bear run for the better part of a month, the top-ranked cryptocurrency, soared as high as eight per cent this morning.

It’s a welcome relief for Bitcoin holders with the coin at one stage trading as low as US$25,400.

However, today Bitcoin’s price is the highest it has been in more than three weeks, with the coin rallying to nearly US$32k levels.

It’s a big turnaround for the bellwether cryptocurrency with some experts last week predicting Bitcoin could sink to below US$10,000.

Also Read: Three altcoins to keep tabs on in June as cryptos begin to recover

Indications of a possible slowdown in US monetary policy tightening and reopening of Chinese economy are probably the reasons behind the recent pullback in crypto prices, experts say.

That being said, with the inherent extreme volatility of Bitcoin and other tokens, it is highly difficult for anyone to predict the future price of the token.

Meanwhile, Ethereum made even bigger gains, jumping ten per cent from yesterday to trade US$1,990.

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Data Source: CoinMarketCap.com, based on top 100 cryptos. 

Note: Growth from the 24 hours prior to 12:30pm AEDT 

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