In the past few days, bitcoin price has gradually recovered from a recent drop, which is positive for some other cryptocurrencies. The cost of the most popular cryptocurrency rose 6.8% to $44,511 per bitcoin on Monday, the highest since early January. At the time of writing, one unit of bitcoin has been priced at approximately $43,911.
The value of bitcoin is gradually recovering after falling sharply in late January and one unit of the cryptocurrency was worth less than $33,000. In November last year, the price of bitcoin reached record levels, surging to almost $69,000 per unit. Since then, it has fallen more than 50%, although the cryptocurrency is now gradually regaining lost ground.
After the world’s most popular cryptocurrency, the cost of some altcoins started to increase. For example, the cost of Ethereum per day increased by about 4% to $3.2 000 per unit, XPR by 23% to about $0.8 per unit, and the Shiba Inu Meme cryptocurrency by 50% to $0.000034. The main reason for Shiba Inu’s success can be seen as the start of testing of their own second level solution called Shibarium.
“People are starting to feel safer getting back into some of these risky asset classes.”, says chief market strategist at Ally Financial Inc. Lindsey Bell. She also noted that the market in general is not out of the crisis yet, as there is uncertainty in many areas, including the speed at which the Federal Reserve and central banks will take action to combat rising inflation.