Bitcoin Briefly Reclaims $20,000 Before Paring Gains

Alex Dovbnya

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

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Fri, 1/07/2022 - 5:23

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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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.