After weeks of constant plummeting for Bitcoin, it is finally recovering. On Sunday, it soared up high above $30,700. As of this writing, it is at $30,591.97 according to the Coin market cap.
According to a recent CoinShares research, the recent collapse of the TerraUST stablecoin has prompted investors to embrace Bitcoin, with as many as 39% of respondents claiming that it is the benchmark cryptocurrency with the most appealing growth prospects.
The rest of the market is also catching up. Ethereum (ETH), the second-largest cryptocurrency by market cap, is up 6.6% in the past days and is currently trading slightly above $1,900.
However, this was not enough to bring ETH into the green zone on a weekly chart, the coin is still down by 7.35%.
Cardano (ADA) is also a gainer in the top-10 largest cryptocurrencies at 11.8 %, followed by Solana (SOL), which has been up 8.3 % in the last 24 hours.
Similar to Ethereum, both ADA and SOL are currently in the red, down 5% and 12.4%, respectively.
Despite the latest positive sentiment, data from Coinglass shows that Bitcoin has been down 18.63% so far this month, following a 17.3% loss in gains in April.
The major question now is whether the industry’s largest asset can maintain its momentum after the latest price action.