Bitcoin, the top cryptocurrency, managed to reclaim the $20,000 level at 00:29 a.m. UTC on the Bitstamp exchange.
The flagship coin managed to soar more than 9% within the span of 48 minutes, staging a surprising recovery.
The sudden rally, however, ended up being a flash in the pan, with Bitcoin erasing virtually all of its gains in the following hours.
The market capitalization of the world’s largest cryptocurrency is currently sitting at $370 million.
The world's largest cryptocurrency lost roughly 54% of its value in the second quarter of 2022. This has marked the cryptocurrency's worst quarter in 11 years. For comparison, Bitcoin declined about 50% during the first quarter of 2018.