Bitcoin dropped below the symbolic $30,000 mark on Tuesday before a resurgence saw it top $34k on Wednesday morning.
There were fears among the investment community that, should Bitcoin go below $30k, it could spark another ‘crypto winter’.
However Mati Greenspan, portfolio manager and founder of Quantum Economics, told CNBC that the situation is very different to the last bear market in 2018.
“We may never see another crypto winter again,” he said. “There’s a lot more utility, adoption, and diversification in the industry than we had in 2014 or 2018.”
At the time of writing (7am), Bitcoin (BTC) is at $34,265 and actually up 5% in 24 hours. However it remains 15% down on its price last Wednesday.
Ethereum (ETH) clawed its way back above $2,000 with a 5% rise in 24 hours. However, the second most valuable cryptocurrency is 19% down on its price seven days ago and worth less than half of its all-time-high of $4,338 in May.
Meme coin Dogecoin (DOGE) – which was created as a crypto parody – is up 11% to 22 cents but has shed a third of its value in a week.
Ripple’s XRP coin climbed 1.5% to 63c after a 16% dip in the previous 24 hours. It is down by almost a third over seven days.
Cardano (ADA), which recently topped the value of Coinbase but has since fallen behind by several billion dollars, is at $1.27 after a 6% rise. It is 18% below its value last Wednesday.
The overall market cap of the approximate 10,500 coins is at $1.36 trillion, a 4% rise in 24 hours.
Celo (CELO) and Livepeer (LPT) were the biggest winners, each rising 20%, to $2.26 and $25.93 respectively.
Revain (REV) saw the biggest dip after shedding 9%.
To see how the valuations of the biggest movers and shakers – and main coins – have changed over the last few days, click here.
For valuations of the top 250 coins by market cap (updated every 15 minutes), their market cap plus 24-hour price change and volume traded, see below.
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