Bitcoin Rebounds Past $20K, Ether Soars Above $1,100
The price of bitcoin bounced 16.7% off of its Saturday lows. Ether followed with a 29% gain.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PV6VCC564BHM7JI2JZBCK36XFA.jpg)
Bitcoin rallied to $20,580 just one day after it fell below $20,000 for the first time since November 2020. (Johnny Johnson/Getty Images)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Bitcoin surged past $20,000 Sunday afternoon to $20,580 a coin, a 16.9% gain off its Saturday lows.
The rally comes just one day after bitcoin (BTC), the largest cryptocurrency by market capitalization, fell below $20,000, its lowest price since November 2020. As of press time, bitcoin was trading at about $20,383 a coin.
Bitcoin’s price surge reflects traders’ renewed appetite for risk, even as the market continues to digest the fallout surrounding crypto lending giant Celsius and crypto investment firm Three Arrows Capital.
“Willing buyers have been in cash waiting to buy cheap coins,” Jordi Alexander, chief investment officer of Selini Capital, told CoinDesk in a Telegram message. “They have to determine if they will get to buy another 20% lower, or if this is their chance. If they wait too long, they will have to chase higher.”
“The key question is whether the forced selling we have seen is wrapping up, or if there are still distressed sellers,” added Alexander.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LKS5RFIKINGQ3OAA22CIY6LOCU.png)
Early Saturday, the price of bitcoin plummeted below $20,000 and dipped as low as $17,601 later in the trading day. The drop also put bitcoin below the $19,783 all-time high it notched in December 2017, a level many crypto traders believed bitcoin would not fall below.
Ether, the second-largest cryptocurrency by market capitalization, enjoyed an even bigger rebound after falling as low as $880 on Saturday. As of press time, ETH was trading at $1,133, a 20% gain over the past 24 hours and a 29% gain off of its Saturday low.
On a year-to-date basis, bitcoin is still down 56%, while Ether has lost 69% of its value.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.