Bitcoin Now Trading Above $57k
Bitcoin is recovering from its recent losses after rising by more than 5% over the past 24 hours. The global financial markets suffered huge losses last week following the discovery of the Omicron Coronavirus variant in South Africa.
Investors panicked, leading the stock, cryptocurrency, forex and commodities markets to record huge losses. Bitcoin dropped below the $55k level for the first time on Friday following the losses, and it stayed there over the weekend.
However, at press time, Bitcoin is performing excellently. Bitcoin has added more than 5% to its value over the past 24 hours and is now trading above $57k per coin. It is closing in on its 100-day simple moving average at $58,791 and could rally towards the $60k level if the current momentum is maintained.
The markets are recovering after news confirmed that the Omicron variant is mild. Investors panicked about the possibility of another global lockdown, but the fears have now been put to rest. The vaccine works for the Omicron variant, and people have been advised to do as the health authorities ask.
Bitcoin and the broader cryptocurrency market have underperformed over the past two weeks. Since reaching an all-time high of $69,044 earlier this month, Bitcoin has lost more than 10% of its value. It has struggled below the $60k level over the past two weeks.
The losses have been extended to the broader cryptocurrency market, with most altcoins losing over 20% of their values during that period. Ether nearly dropped below the $4,000 mark last week before rebounding to now trade at $4,351 per coin.
Binance Coin, Solana, Cardano, XRP, Polkadot and Dogecoin are all recovering from recent losses and could rally higher over the coming hours and days.