A Bounce Back of the Crypto Market After Major Price Drops

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The cryptocurrency market has been the center of attention for a few weeks now as it plunged quite significantly, after moving with upward momentum. All the major crypto assets such as Bitcoin and Ethereum, as well as the minor ones, took quite the hit.

Bitcoin is mostly responsible for the chain reaction that occurs in the market. This means the prices of altcoins are somewhat dependent on the flagship crypto asset, Bitcoin. When the price of the crypto king drops so does the price of altcoins and the same pattern occurs then Bitcoin’s price surges.

As per reports, the crypto market is doing a lot better as compared to the last few weeks. Therefore, if you want to invest in a digital asset such as Bitcoin or Ethereum then make sure you choose some of the best and lowest fees crypto exchanges.

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What to Know About the Price of Some Digital Assets?

As mentioned earlier, the crypto market took quite the hit after which the prices of the digital currencies were seen to be declining over the last few weeks. This has been quite concerning for some crypto investors, especially the ones who are new to the crypto space.

However, people who have been in the crypto space for quite some time are familiar with the volatility that is associated with it. Mostly the price corrections seen for the crypto assets are healthy and cause the price of the assets to surge higher. However, sometimes the corrections persist, which can change the sentiment of novice parties towards the crypto space.

After weeks of seeing a slow yet continuous decline in the prices of cryptocurrencies, the market has finally bounced back. While some may think this bounce is short-lived, others do think this could be a steady move towards regaining that bullish momentum.

Bitcoin is the flagship crypto asset and is trading at $48,543 (at the time of writing).

Here is a graph by CoinMarketCap that shows the price of Bitcoin over the last week.

price of Bitcoin over the last week

The market cap of the largest digital asset has also increased 4.50% in the last seven days, according to CoinMarketCap.

On the other hand, Ethereum is the most popular altcoin in the market and is believed to outperform the crypto king sometime in the future.

The price of the popular altcoin has also seen a surge as compared to the last few weeks and is trading at $4,007 (at the time of writing). According to CoinMarketCap, the market cap of ETH has increased 4.43% over the last week.

Here is a graph by CoinMarketCap that shows the price of Ethereum over the last seven days.

price of Ethereum over the last seven days

What Should Crypto Investors and Traders Know?

The fluctuation seen in the prices of digital assets is nothing new. However, it often makes novice parties skeptical and nervous about stepping into the crypto space.

As mentioned above, price corrections are often considered to be important for a healthy price trajectory of digital assets.

Therefore, despite what the analysts say, the longevity of this bounce back will only be confirmed with time.

Meanwhile, if you are interested in crypto assets and want to step into the crypto space then make sure you choose some of the best crypto exchanges.

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