Bitcoin has managed to find a certain sense of stability after it went through some pretty rocky weeks. On the other hand, Dogecoin is struggling with its assets plummeting by 20% over the last week- even though it was listed on the official Coinbase page last Thursday. BTC has managed to garner some lateral traction, which has helped them climb to a respectable position of $35,000.
Bitcoin Showing A Change In Fortunes?
Bitcoin has actually managed to recover from the depression that it had fallen into the last couple of weeks which consisted mostly of bearish sentiments. The largest crypto in the market was first battered by the tweets of Elon Musk, where he seemed to be criticizing the energy consumption of the cryptocurrency- after which a huge sell-off which took place after the Central Bank of China and a few other payment firms decided to limit their crypto transactions. On the 19th of May, the price of BTC went down by 30% in under a day.
Bitcoin suffered yet again when the US authorities at the beginning of June mentioned that they had recovered BTC worth $2 million from a ransomware attack that took place on the Colonial Pipeline- which soon led to yet another sell-off by the cryptocurrency giant. Currently, BTC seems to be leading the pack at $37,000, which is where it was the previous week. And though this isn’t particularly great news for most holders, this could be a sign that the tide was finally turning on their fortunes.
Ethereum hasn’t been able to share in the stroke of luck that Bitcoin is going through. The second-most valuable cryptocurrency is having quite a difficult time over the last week- it has lasted around 15% of its total value, and it trades currently at $2,413. Ironically, Ethereum was about to break the barrier of $5000 just a few weeks back.
