Bitcoin Surges Past USD 20K, Ethereum Crosses USD 1,100 Per Coin

NEW DELHI, June 20 (IANS): After witnessing free fall for weeks, Bitcoin finally managed to rebound past USD 20,000 per digital coin on Monday, around 16 per cent gain over the weekend.
The rally came after Bitcoin, the largest cryptocurrency by market capitalisation, dropped below USD 18,000 per digital coin on Sunday — a massive over 70 per cent drop from its record high of USD 68,000 in November last year — as mayhem in the crypto market continued.
The global market cap of cryptocurrencies sank below USD 850 billion, which recently hovered over USD 1 trillion.
The second-largest cryptocurrency Ethereum also fell below USD 1,000 on Sunday, down nearly 80 per cent since its all-time-high in November last year.
On Monday, Ethereum also rebounded to reach USD 1,133, a 20 per cent gain over the past 24 hours.
The latest crypto crash is happening as investors are afraid of global macroeconomic conditions and the US Federal Reserve is trying to curb rising inflation.
Overall, the prices of top cryptocurrencies declined as much as 35 per cent last week in the wake of economic recession fears.
The global market cap of cryptocurrencies sank below USD 850 billion, which recently hovered over USD 1 trillion.
According to analysts, Bitcoin may hit a grim USD 14,000 this year.
The likely bottom range at USD 14,000 would represent a drop of around 80 per cent for Bitcoin from the USD 68,000 all-time high.
According to Coindesk, Bitcoin has historically experienced periods of asymptotic price run-ups followed by steep crashes, “typically played out over several months to two years”.
Cryptocurrency watchers refer to these periods as “cycles”.