In the past 24 hours, the cryptocurrency market has jumped back to $8,500 and tokens like Tron (TRX), AirSwap (AST) and Ontology (ONT) gained 10 to 20 percent on average. When the Bitcoin value fell to $8,200 in the last couple of weeks, it was feared that the currency would face another fearsome low like it did in 2017. However, the rise back to $8,500 restores Bitcoin’s value as an investment.
Bitcoin’s price-dip affects token values
Many tokens in the cryptocurrency market faced a downslide due to Bitcoin’s price-dip, but they suffered by a larger margin. Even constantly successful tokens like ONT, ICON and ZRX fell substantially.
On May 21, most of the tokens recovered from the recent decline, recording huge profits against Bitcoin, which increased by 4 percent against the US Dollar. ONT increased by 10 percent, AST by 15 percent and TRX by 9.5 percent.
AST’s rise is particularly interesting because it’s the 198th biggest cryptocurrency in the world and has a market value of $62 million. AST is viewed as a good long-term investment currency.
Bitcoin’s upward trend
In early May, Bitcoin faced a constant downward trend since it failed its $10,000 support level. Over the past week, Bitcoin’s value fluctuated between $7,900 and $8,785.
On May 15, after rising above $8,850, Bitcoin’s value dropped drastically to $7,925 and reached its $7,900 level. However, the recent rise suggests that the value will cross $8,800 possibly within the next two days. The value could even reach a $9,600 support level by the end of May.
With CoinDesk’s Consensus conference contributing majorly to Bitcoin’s rise from $7,900 to $8,500, the stability of the currency’s value is within sight. The cryptocurrency has possibly gained enough momentum to bounce back to its prestigious $10,000 market value.
The cryptocurrency market as a whole will benefit from what is called a “Bitcoin Rebound”.