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Bitcoin bounces back over $ 20,000, Ethereum exceeds $ 1,000

After a weekend of relentless losses, the crypto two top coins achieved marginal recoveries on Sunday, rising above $ 20,000 and $ 1,000 respectively.

BTC has recovered by just over 1[ads1]5% in the last 24 hours, back from a shockingly low at $ 17,772 yesterday, to $ 20,482 at the time of writing, according to data from CoinMarketCap. ETH, which plunged to $ 898 yesterday, has recovered over 25% in the last day to $ 1130 at the time of writing.

Price fluctuations mark at least a temporary postponement of strong downward lanes over the past week. Last Sunday, BTC fell below $ 26,000 for the first time in a year, a negative milestone that triggered a massive sale. Yesterday, BTC fell below $ 20,000, then $ 19,000, then $ 18,000, all in a single day. ETH fell fairly consistently with BTC, falling to $ 898 yesterday afternoon, a striking drop of over 46% in just one week.

By falling below $ 20,000 and $ 1,000 yesterday, BTC and ETH created market conditions as experts have stated can trigger a wave of forced liquidations. In such a scenario, large-scale investors in both cryptocurrencies will be forced to close positions on BTC and ETH derivative products, with prices too low to generate adequate collateral. Such events are likely to push the prices of BTC and ETH further down, triggering more liquidations, in what is known as a “cascade effect.”

But by reaching, even marginally, levels above $ 20,000 and $ 1,000 today, BTC and ETH have temporarily stopped a snowballing sale as some analysts have said could send BTC as low as $ 13,800 in today’s bear market.

The severity and duration of the crypto bear market is still unclear. The last cryptocurrency began early last month, when large coins coincided with the stock market. Since then, the crypto market has struggled to recover, with each new ripple effect of the crash causing further damage. The last consequences came last week when crypto borrowers Celsius and Babel frozen withdrawals for all customers, with reference to potential liquidity problems. Large crypto investment company Three Arrows Capital may also be at risk of insolvency.

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