The cryptocurrency market may have found its bottom and managed to turn around the downward trend. Both Bitcoin and Ethereum have strengthened significantly over the last month. The oldest digital currency surpassed the $24 thousand mark on the weekend.
Clear direction of Bitcoin
Bitcoin could not find a clear direction for many weeks, and its value has been declining for virtually the entire first half of this year. It entered 2022 with a value exceeding 46 thousand dollars, by the end of June it had already been procured for less than 19 thousand. Bitcoin’s price thus plunged by nearly 60 percent. Worse was the Ethereum currency, which wrote down over 70 per cent of its value in the first half.
The beginning of digital currency growth
But with the start of the summer holidays, the mood in the cryptocurrency market has changed. Digital currencies have not only stopped falling, their price has turned to growth. Bitcoin was trading 27 percent higher at the end of July than at the end of June. Ethereum has improved even by a percentage of seventy over the same period.
The rise of cryptocurrencies can also be explained by the rising value of stocks, especially technological ones. Not for nothing do some experts say digital currencies are de facto nothing more than one kind of technology stock.