After a challenging week, the price of bitcoin has increased five percent in the last 24 hours. One bitcoin (BTC) is now worth $7,549.

The recent price rise comes after a couple of sharp drops. On December 18, bitcoin's price dropped as low as $6,600, having fallen continuously from $7,600 over the preceeding weeks. But shortly after the dip, the price bounced back up to $7,100 before another surge yesterday.

However, the price still appears to be in a downwards channel. Looking at the long term picture, bitcoin's price has been steadily heading down from peaks of $13,700 in June. But, it's still up since the start of the year. The price of bitcoin was worth $3,740 on January 1, roughly half of its current price.

While bitcoin is performing well in the last day, it has only stimulated a minor revival for other cryptocurrencies. In the top ten coins by market cap, bitcoin cash (BCH) is leading the rest, up 3.42% for today. Most other coins are up between 2-3%, although XRP has barely moved and remains just under $0.20.

Crypto.com coin (CRO) is closing in on the top ten coins, up eight percent in the last 24 hours and is now ranked twenty fourth. Tezos (XTZ) continues to remain in the top ten coins, having ousted stellar (XLM) and tron (TRX).