Bitcoin Revives, Up By 3.37% To Reach US$ 20,229, Ether Surged By 8%, Today

The cryptocurrency market has revived significantly today. On August 29, till 6.10 pm UTC, Bitcoin gained by 3.37%, and was quoted at US$ 20,229.90, in the intra day trading. Yesterday, Bitcoin closed at US$ 19,571.30. In the last 5 days, Bitcoin fell by 5.33%, and in the past 1 month, it has dropped by around 14.95%. Additionally, in the past 6 months, Bitcoin has dropped by 53.17%. In the last few years, cryptocurrencies became 'more intertwined with traditional markets and investors', however, investors should be more cautious because these are highly volatile assets, and their ups and downs depend largely on global economic growth, interest rates, etc.

Other crypto coins are also showing a similar trend. Ethereum was quoted at US$ 1,537.95, up by 7.79%. Yesterday, Ether closed at US$ 1,426.77. Litecoin was quoted at US$ 55.50, up by 3.87%, Dogecoin was quoted at US$ 0.0632 up by 1.98%, and Cardano was quoted at US$ 0.4481 up by 4.34% today, till last traded.

However, AvaTrade analyst Naeem Aslam stated, "(Bitcoin's) next targets become the year low, $17,727 from June 18, then $15,000 and even $13,000. Many market participants now fear the worst selling is yet to come," The Wall Street Journal Reports.

After Fed Chair Jerome Powell announced at the annual Jackson Hole Symposium that they will continue its restrictive policy measures and can initiate further interest rate hikes in September, immediately, the stock markets and cryptocurrency markets plunged. However, the crypto market has gained traction back today.