(CTN News) – After briefly topping $25,000 in June, bitcoin fell sharply as it struggled to make a significant move higher.
For the first time since mid-June, the world’s largest digital coin topped $25,000 late on Sunday, according to CoinDesk data. On Monday, it was flat at $24,120.61.
Since U.S. stocks rose last month, cryptocurrencies have moved higher.
There has been a strong correlation between bitcoin and stock markets, particularly the tech-heavy Nasdaq, which was up around 12% last month.
After economic data showed inflation pressures were easing, investors became more bullish.
Bitcoin was up around 15% in the same period, but still down around 48% year-to-date.
Crypto market has had a rough few months, with trillions wiped off its value and bankruptcies and liquidity issues plaguing several players.
Since late June, cryptocurrency prices have fluctuated between $20,000 and $24,000.
Despite attempts to push higher, it has been unable to break out significantly. However, there are now signs of a small recovery.
“BTC continues to show signs of bullishness mainly due to higher highs and lows,” Vijay Ayyar, vice president of corporate development and international at Luno.
Alternative coins, or altcoins, have also contributed to Bitcoin’s rise. Bitcoin’s gains last month paled in comparison with Ether’s 56% gain.
Ethereum’s long-awaited upgrade could improve transaction efficiency, which has investors excited. Ethereum’s native cryptocurrency is Ether.
Merge, the upgrade, ran its final dress rehearsal last week.
Bitcoin is also benefiting from the rally in ether.
According to Ayyar, BTC is catching up to ETH, given the excitement over the merger, which may take place on 15th September.
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