Bitcoin and Ethereum are recovering following a terrifying midweek fall that sent values plummeting to their lowest levels in months.
According to crypto data aggregator CoinGecko, the drop began on Tuesday, and by Wednesday, Bitcoin had reached a low of $29,600. On January 2, when a single Bitcoin was valued at $29,352, the currency was last around that level.
With Ethereum, it was a similar story. The second-largest cryptocurrency by market capitalization touched a low of $1,734 on Tuesday morning, the lowest price since March 28 of this year, when one ETH cost $1,713.
Bitcoin has risen 15% since Wednesday, reaching $33,970 at the time of writing. Ethereum, on the other hand, has risen 25% since its low on Tuesday and now trades at $2,170.
The majority of the price fluctuation in both currencies occurred overnight on Wednesday and Friday. On Wednesday, Bitcoin gained 8% overnight, while Ethereum gained 11%. There was no significant change in the price of either cryptocurrency on Thursday night.
Bitcoin and Ethereum’s prices have risen this year as a result of institutional investment, with corporations such as Tesla and Microstrategy purchasing large amounts of Bitcoin.
The news of institutional crypto acceptance had died down, but Twitter CEO Jack Dorsey and Tesla CEO Elon Musk reignited interest on Wednesday during a pro-Bitcoin online conference called “The B Word.”
Musk said that his rocket firm, SpaceX, stores Bitcoin as well as Ethereum and Dogecoin for himself. The B Word touched rapper Busta Rhymes so much that he went out and bought a bunch of Bitcoin and is now looking at Ethereum.
The rise and fall of Bitcoin and Ethereum look to be largely synced this week, with similar ebbs and flows.