Bitcoin Hovers Around 20K; Will It Recover?

The world’s largest cryptocurrency, Bitcoin’s (BTC) price has registered a drop of around 56% in the second quarter of 2022. This has been recorded as the worst drop over the last 11 years.

Bitcoin registers 2nd worst quarter

According to Arcane Research, the unfavorable macroeconomic outlook has affected the global crypto market. However, it is not over yet as another lending firm went on to suspend trading service this week. Meanwhile, Bitcoin recorded the 2nd worst performance in its history quarterly wise.

BTC prices have dropped by 2% in the last 24 hours. It is trading at an average price of $19,369, at the press time. Bitcoin has been hovering around the $20k price level. However, it lost a crucial level over the last week. Somehow, BTC got registered a small rally at the end of June.

The report added that sentiments for the crypto market have been depreciating over several months. Meanwhile, a slight improvement can be seen this week. The Fear and Greed Index managed to reach 19 on Monday, which is the highest record in the last two months. The digital asset market looks more positive now.

Will this trend continue?

Amid the bear conditions, the BNB token has somehow outperformed the two biggest cryptocurrencies, BTC and ETH. BNB token’s prices are marginally up in the last 24 hours. It is trading at an average price of $225. Meanwhile, Ethereum also recovered from its collapse.

Meanwhile, the altcoins have registered a sharp recovery from the BTC in the first week of July. However, the report highlights that these movements are negligible this month. It suggests that the trend is likely to continue further.

The report mentioned that Bitcoin recorded a spike in its volume in June. However, it has come back to the average level to stand around $4 billion. BTC’s 24 hour volume has jumped by 34% to stand at $25.9 billion.