Bitcoin Briefly Reclaims $20,000 Before Paring Gains

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By Alex Dovbnya

Fri, 1/07/2022 - 5:23

The recent Bitcoin rally was extremely short lived, with the largest cryptocurrency retracing back to the $19,000 level

Bitcoin Briefly Reclaims $20,000 Before Paring Gains

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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.

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The crypto king is changing hands at $19,318 on the Bitstamp exchange.

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.

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