Bitcoin’ recovery gathered steam earlier today on Wednesday with prices topping over $40k to hit the very best level in nearly after a week.
The leading cryptocurrency by market price rose to $40,800 USD within the first European trading, A level last seen on 21st May. Prices hit lows near $31k on 23rd May and are rising ever since.
At the reporting time, Bitcoin [BTC, +4.02%] is trading at a price around $39,102 USD, consistent with CoinMarketCap. The cryptocurrency is yet to undergo the widely tracked 200-day simple moving average hurdle at $40,639 USD.
While other major alternative altcoins are also gaining ground and flashing relatively bigger returns.
Other cryptocurrencies along with MATIC, LINK [+19.09%], and BNB have gained 10% to 14%, while Ethereum [ETH, +5.76%], the second-largest cryptocurrency, is trading 6% higher.
Altcoins suffered sharp losses last week as bitcoin crashed. The price of ethereum fell by over 40%, registering its biggest weekly decline on record.
The latest uptick in bitcoin and other coins comes on the heels of the Bitcoin Mining Council’s plans to deal with concerns regarding the negative environmental impact of cryptocurrency mining.