On Friday, May 13, Bitcoin’s price recovered to above $30,000 after a sharp drop. In the last 24 hours the asset rose by 12%, according to CoinGecko.
At the time of writing, Bitcoin was trading around $30,400. The total market capitalisation stood at $1.37 trillion.
Ethereum rose 13%, surpassing the $2,000 level. The biggest gains among the top-10 cryptocurrencies by market capitalisation were Cardano (40.3%) and BNB (31.8%).
On May 12, Bitcoin fell below $27,000, while Ethereum tested the $1,800 level. Market capitalisation declined to $1.2 trillion.
The drop came amid the Terra (LUNA) price collapse. At the time of writing, the asset’s price had reached $0.00003, ranking 1072nd in the CoinGecko cryptocurrency ranking.
The Fear and Greed Index fell to 10 points (“Extreme Fear”).
Bitcoin Fear and Greed Index is 10. Extreme Fear
Current price: $29,549 pic.twitter.com/N3lPSq9zVz— Bitcoin Fear and Greed Index (@BitcoinFear) May 13, 2022
Earlier, Bitcoin critic Peter Schiff described the move to $10,000 as «highly likely» in the event of a sharp break below the $30,000 level.
Earlier, Galaxy Digital founder Mike Novogratz forecast further declines in the cryptocurrency market. In his view, the next few quarters would be volatile due to negativity on Wall Street.
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