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Bitcoin Price Bounces Back But Still Not Out of the Woods




Bitcoin recovered quite a bit, recovering to over $11,500 but is not out of the woods just yet.

Data from Coindesk’s Bitcoin Price Index (BPI) shows that bitcoin has climbed 25.9% from the eight-week low of $9,199.59 which it reached yesterday at 15:44 UTC.

As of writing, bitcoin (BTC) is trading at $11,345.93 levels.

The world’s largest cryptocurrency by market capitalization has improved its standing from the other’s day downfall by 1.38% in the last 24 hours, according to data source OnChainFX.

However, the investor community remains skeptical by the move, and remarks on social media indicate that many believe that the improvement is nothing more than a “dead cat bounce.”

Other cryptocurrencies have also bounced back in the last 24 hours, with Ripple (XRP) and Stellar (XLM) leading the way among top 10 currencies.

As of press time, XRP is trading at $1.57. The world’s third-largest cryptocurrency by market capitalization has appreciated by 56% in the last 24 hours, according to data from CoinMarketCap. More impressive has been XRP’s 77% rise from the 3.5 week low of $0.897797 yesterday.

However, the cryptocurrency is still down 17% on a weekly basis, while year-to-date, XRP has depreciated by 31%.

Meanwhile, Stellar’s XLM token has risen by 53% in the last 24 hours. XLM was last seen trading at $0.535388. As of writing, prices are up 80% from yesterday’s 2.5 week low of $0.305034.

That said, XLM remains unchanged week-on-week. On a year-to-date basis, the world’s ninth largest cryptocurrency by market capitalization is up 48.4%.

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