Bitcoin price: Bitcoin crosses $20,000 Ethereum crosses $1,100 per coin

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New Delhi: After witnessing a free fall for weeks, Bitcoin finally managed to rebound past $20,000 per digital coin on Monday, a roughly 16% gain over the weekend.

The rally came after Bitcoin, the largest cryptocurrency by market capitalization, fell below $18,000 per digital coin on Sunday – a massive fall of more than 70% from its all-time high of $68,000 in November. from last year – as the chaos in the crypto market continued.

The global cryptocurrency market cap has fallen below $850 billion, which recently topped $1 trillion.

The second-largest cryptocurrency Ethereum also fell below $1,000 on Sunday, down nearly 80% from its all-time high in November last year.

On Monday, Ethereum also rebounded to hit $1,133, a 20% gain in the past 24 hours.

The latest crypto crash comes as investors fear global macro conditions and the US Federal Reserve attempts to rein in rising inflation.

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Overall, prices for major cryptocurrencies fell 35% in the past week on fears of an economic recession.

The global cryptocurrency market cap has fallen below $850 billion, which recently topped $1 trillion.

According to analysts, Bitcoin could reach $14,000 this year.

The likely lower range of $14,000 would represent a roughly 80% decline for Bitcoin from the all-time high of $68,000.

According to Coindesk, Bitcoin has historically seen periods of asymptotic price increases followed by steep crashes, “which typically span several months to two years.”

Cryptocurrency watchers call these periods “cycles”.

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