Bitcoin manages to climb above $30K as weak trade continues

Total value of crypto market at $1.3T

Övünç Kutlu   | 17.05.2022
Bitcoin manages to climb above $30K as weak trade continues


Bitcoin managed to climb above $30,000 on Tuesday, but weak trade continues as the cryptocurrency market struggles to recover the approximately $1 trillion lost in recent weeks.

Bitcoin, the world’s biggest crypto by market cap, was trading at $30,400 at 0725GMT for a daily gain of 3.1%.

The world’s largest altcoin, Ethereum, also managed to surpass $2,000, reaching $2,073 for a 3.2% daily increase.

The crypto market saw almost half of its value evaporate in the past six weeks, with the market cap plummeting below $1.14 trillion on Sunday.

This marked a $1.05 trillion loss in total market value from the figure of $2.19 trillion recorded on April 4.

With the price of Bitcoin on the rise, the total value of the crypto market stood at $1.3 trillion at 0730GMT on Tuesday.

The once popular cryptocurrency Luna saw its price sink to almost $0 on Friday, tanking from its top-10 position in just a matter of days. It was down another 18% to $0.0001884 at 0730GMT.

Luna’s sibling TerraUSD, a stable coin referred to as UST that was designed to be pegged one-to-one with the US dollar, was also down 7.4% to $0.1535.

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