After a tough month for the crypto markets, Bitcoin (BTC) is on course to extend its losing streak to a record nine weeks. However, this scenario has been avoided after the major cryptocurrency jumped to a seven-day high of $30,723 late on Sunday.
According to CoinMarketCap, although a slight correction has brought bitcoin down to $30,594 at press time, it is still up 5.5% on the last day.
Despite the latest positive sentiment, data from Coinglass shows bitcoin is down 18.63% so far this month, after losing 17.3% in gains in April.
The big question now is whether the biggest asset in the industry can sustain its momentum following the latest price action.
According to a recent report by CoinShares, the recent collapse of the TeraUST stablecoin has seen investors favor bitcoin, with 39% of respondents saying the benchmark cryptocurrency has the most compelling growth outlook.
“The market is long overdue for a relief rally,” said Hayden Hughes, CEO of social media trading platform Alpha Impact. bloomberg, “Bitcoin has just been in the red zone for eight consecutive weeks and has technically reached a level that we traditionally only see at the bottom of bear markets.”
Bitcoin pulls on the market
Rest of the markets remained mostly in the green on Monday morning as well.
Ethereum (ETH), the second largest cryptocurrency by market cap, is up 6.6% over the past day and is currently trading slightly above $1,900 per CoinMarketCap.
This was not enough to get ETH into the green zone on the weekly chart,The coin is still down 7.35% over the past seven days.
Elsewhere in the top-10 biggest cryptocurrencies, cardano (ADA) is the biggest gainer of the day with an increase of 11.8%, followed by solana (SOL), which is up 8.3% in the last 24 hours.
Similar to Ethereum, both ADA and SOL have been in the red over the past week, however, down 5% and 12.4% respectively.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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