After a tumultuous week across the crypto market caused by the collapse of Terra's UST stablecoin, the price of Bitcoin (BTC) has climbed back above $30,000 in the early hours on Friday, hitting an intraday high of $30,921.
Bitcoin fell to as low as $26,350 on Thursday, a level last seen at the end of December 2020 when the market was in the middle of a massive bull run. However—to the relief of many investors—fears that the leading cryptocurrency may plunge below the psychological level below $25,000 didn’t materialize.
The leading cryptocurrency backtracked to $30,368 by press time, representing a solid 10.9% increase in value, data from CoinMarketCap shows.
Despite the latest recovery, Bitcoin is still down 16.5% on a seven-day chart, with the benchmark cryptocurrency’s market capitalization now standing at $576 billion.
Ethereum (ETH), the industry’s second-largest cryptocurrency, is meanwhile up 9.7% over the past 24 hours as it hit the daily high of $2,128. It too is still down as much as 24% over the week.
ETH was trading at $2,077 at the time of writing, per CoinMarketCap.
The volatile price action this week came amid the destruction of what was once one of the largest stablecoins on the market, Terra's UST.
The effects were even seen in Tether, the industry’s largest stablecoin, at it also come under pressure, falling to 95 cents on Thursday. On Friday, USDT has recovered some and is trading at $0.9979 by press time.
Leading names, including Cardano (ADA), Solana (SOL), Avalanche (AVAX), and Shiba Inu (SHIB), have meanwhile staged an even more impressive recovery in the past 24 hours, posting gains between 20% and 30%.