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Sunday afternoon, Bitcoin (BTC) jumped past $20,000, recording close to 17% gains to Saturday’s losses, hitting $20,683 coin according to CoinMarketCap.
The new rally comes just one day after the largest cryptocurrency by market capitalization tanked below $20,000, touching a low of $17,721, its lowest price since November 2020.
Bitcoin’s recovery could reflects traders’ renewed appetite for risk, despite the market ongoing efforts to handle fallout surrounding crypto lending giant Celsius.
One of the dip buyers, thereby helping the BTC price gain momentum, was cryptocurrency exchange Binance. The exchange bought around 101,266 BTC at an average price of $19,176 per coin, while the price of Bitcoin is hit its low on Sunday.
At time of writing, BTC is moving hands at $19,812.
The second largest cryptocurrency by market capitalization, Ethereum (ETH) was also able to come back from the red and experienced an even bigger rebound after dropping to a low of $880 on Saturday.
At press time, ETH is trading at $1,067, good for a 21% gain over the past 24 hours.
Year-to-date basis, Bitcoin remains down more than 55%, while Ether is close to a 70% depreciation.