The prices of Bitcoin (BTC) and Ethereum (ETH) saw a 5% jump over the last day, giving investors renewed hopes for a much-anticipated market recovery after a brutal sell-off in May.
Currently, Bitcoin is changing hands at $31,289, up 5.2% over the day, according to data provided by CoinMarketCap.
The leading cryptocurrency last traded at these levels on June 1, when it entered a downward correction that dragged the price of BTC from above $32,000 below $30,000 for the most part of the weekend.
Despite the latest spike, Bitcoin is still down more than 34% since the start of the year, with the Fear & Greed Index—a combination of variables measuring market sentiment—currently standing at 13, which corresponds to “extreme fear.”
Ethereum follows the pattern
The price of Ethereum has meanwhile just hit an intraday high of $1,889, as it went up almost 6%, per CoinMarketCap.
The second-largest cryptocurrency still faces a massive uphill battle to recover from the losses since the start...
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