Bitcoin price is finally and gradually recovering at the beginning of this week following its fall by about 20% during the weekend. As a result of trading on Monday, the price of the world’s most popular cryptocurrency increased by 2.2%, and for one unit of cryptocurrency, you can get about $50,800. Subsequently, the rate continued to grow, and at the time of this writing, bitcoin was trading at $50,983.30 per unit.
The senior market analyst at Saxo Markets in Hong Kong, Edison Pun said, “The general confidence in crypto is still high and market sentiment is coming back as we saw a general risk-on mood on Monday. Omicron’s effect looks a lot milder than the market has digested”.
This weekend, bitcoin lost more than 20% in price, and the cryptocurrency rate dropped to about $ 42 thousand. Following bitcoin, the rate of other popular cryptocurrencies, such as Ethereum, Solana, etc., dropped. This decline is due to the unstable period in the stock markets, which was caused by restrictive measures due to a new strain of coronavirus infection.
This collapse was the largest since the fall in the bitcoin rate by 31%, which occurred on May 19, 2021. According to cryptocurrency analytical platform Coinglass, the market capitalization of bitcoin over the weekend fell to $ 932 billion. In November, the coin rate climbed to a record value of $ 67 802 per unit.