Bitcoin back in the game after its two-month’s low on Black Friday. The brutal sell-off of the coin led bitcoin to $53,752.
Crypto Markets recovered from a blood bath on Monday. The top cryptocurrency reached $58,266 after rising 3.4%. Many altcoins like ripple (XRP) and Dogecoin (DOGE) also followed bitcoin turning the market green. Bloomberg Crypto Index added 5.5% at one point.
Investors tend to averse the risks in the crypto market. As bitcoin went down to $53K for the first time since October, the crypto fear and greed index showed mounting fear. This brought a brutal sell-off in the market which took prices of digital assets down with it. Bitcoin went down 20% from its all-time high.
Bitcoin Back in the Game?
Crypto investors are hopeful as the market recovers. Multiple coins, especially, metaverse coins are hitting their all-time highs. The current bull run seems far from over. However, the investor’s sentiments during the holiday seasons will decide where the market will go.
Also Read: Beginner’s Guide to Bitcoin 2021
The current technical analysis of bitcoin suggests that it can go to $52K in the month of December. Nonetheless, overall investor sentiment is bullish.
Some analysts believe that bitcoin is a risky asset that follows the price of the stock market. Investors dumped stocks on Black Friday and the same happened with bitcoin. However, there is no direct correlation between the two. Crypto enthusiasts believe that bitcoin is a decentralized asset that stands on its own. Moreover, the ever-increasing price of BTC despite scrutiny in many countries including China, India, and the US is a sign Crypto Market’s resilience.