BTC reaches weekly high of $30,000

Bitcoin (BTC) jumped to a seven-day high of $30,723 in the early hours of Sunday morning.

After an unprecedented month for the crypto markets, leading cryptocurrency BTC is on the rise once more.

At the time of writing, the price of BTC was $30,456.10, up 3.91%, according to CoinMarketCap.

Although BTC has seen a vast improvement over a tumultuous month, data from Coinglass indicates that the coin is still down 18.63%, following a 17.3% loss in gains during April.

CoinShares published a report indicating the recent collapse of the TerraUST stablecoin has edged investors more in favour of BTC. Around 39% of respondents believed BTC to be the most promising in terms of future growth.

CEO of social media trading platform Alpha Impact Hayden Hughes told Bloomberg: “Markets are long overdue for a relief rally. Bitcoin just went through eight consecutive weeks in the red territory and got technically oversold to levels we traditionally only see at the bottom of bear markets.”

Across the board, the crypto market remains in the green with the second-largest cryptocurrency Ethereum (ETH) up 6.6% over the past day, trading at $1,887.78 (up 4.11% as per the time of writing), according to CoinMarketCap.

However, the coin’s percentage for the week remains in the red zone; down 7.35% over the last seven days.

Over the last 24 hours, Solana (SOL) saw increases too, with its value up 8.3%, alongside Cardano (ADA) seeing an 11.8% surge. Again, not dissimilar to ETH, both coins have remained down for the week.

There are high hopes among investors and crypto holders alike that BTC can maintain its momentum and produce promising results.

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Updated: 05/30/2022 — 11:00