The fear and panic that gripped the cryptocurrency market a few weeks ago, that sent Bitcoin down as low as $3,800, does not look as bad today. The market has shown a remarkable recovery in the face of ongoing haemorrhaging from traditional markets and some coins are nearly back where they started — mike Monero (XMR)
The privacy-focused altcoin, which currently sits 12 in the market cap rankings, has bounced back from its recent lows of $24 to climb nearly 100 percent to be trading at $49. The coin has been seeing promising purchasing volume, and has been on an upward trend in the last 10 days to reach back to this level.
The market fall on March 12 sent Monero cascading down in value along with the rest of the market, but it is the resilience of the cryptocurrency market and its famed up and down volatility that has also helped drive the coin back to these levels.
Not only Monero climbing
There are also other signs of certain coins performing well in these financially uncertain times. People have started attributing Bitcoin’s rebound to its digital gold status as the precious metal grows in value while the Fed inadvertently devalues the dollar.
VeChain (VET) and Tezos (XTZ) have also had a good time lately. The former was not really caught up in the early 2020 hype that saw the Bitcoin boom and the altcoin market follow despite an announcement that crypto-exchange Bitrue and the blockchain and crypto-investment firm CREAM were to help in the development of the VeChain blockchain.
However, this past week VeChain has been up 34 percent in one of the most difficult market times across the globe, falling just under Monero’s gains.
Tezos has also increased well as it climbed 30 percent during the last week. The price of the 10th largest cryptocurrency in terms of market cap rose from $1.30 to $1.70.
Bitcoin also rebounded well as it climbed up to 90 percent from its lows before falling back and consolidating to hover around the mid-$6,000 mark. While this level is still a good place for the coin to be, it has not had much action around this price level in the last few days.
The next move from Bitcoin will be crucial as if it was to break in an upward trend it could indicate the coin is moving in negative correlation to traditional markets, but if it fell again, there may be bigger losses to come.