Bitcoin Rebounds After Hitting Seven-Week Low – YAHOO FINANCE
Cryptocurrency prices were broadly higher on Monday as recent price falls across the market attracted bargain-hunting buyers.
The global cryptocurrency market was up over 8% over the last 24 hours, according to data provider CoinMarketCap.com. The market was led higher by bitcoin (BTC-USD), the world’s biggest crypto, which was up over 5% to $52,718 on Monday morning.
The rebound came after recent steep price declines last week. Cryptos sold-off in what some analysts called a “healthy” correction to the exuberance seen in the market since late last year.
Bitcoin hit its lowest levels since early March late on Sunday night, falling just below the $47,200 (£33,933) mark.
The seven-week low helped attract buyers back to the market who saw value at this level.
Bitcoin’s slump last week coincided with a broader market sell-off and its revival on Monday helped spark a turnaround across the crypto market.
Ethereum (ETH-USD) prices were surging on Monday. The world’s second biggest cryptocurrency was up over 10% to $2,454.25, just shy of all-time highs.
Ripple was also surging. The XRP (XRP-USD) token was 11% higher to $1.17.
While most of the market was rallying, Dogecoin (DOGE-USD) prices continued to retreat. The meme token was down 5.7% to trade at $0.26. Dogecoin had rallied strongly last week ahead of “Dogeday” — an online celebration of the joke cryptocurrency timed to coincide with marijuana holiday 4/20. Dogecoin followers had hoped to push the tokens price to $0.69 or $1 but fell short. Momentum has faded since then.