Bitcoin’s price has started to recover on Wednesday, following a series of price drops over the previous few days that brought the cryptocurrency to its lowest point since the beginning of the year.
After briefly falling below $29,000 on Tuesday, bitcoin has now risen above $34,000 and appears to be on the verge of continuing its upward trend.
Ethereum (ether), Cardano (ada), dogecoin, and other leading cryptocurrencies have followed suit, bringing the total value of the market to $200 billion overnight.
Because of the rebound, cryptocurrency analysts are divided on whether the losses are part of a broader bear market or simply a price correction in the middle of a bull run that will take bitcoin to new record highs later this year.
It appears that major investors believe the latter, with MicroStrategy investing another half-billion dollars in bitcoin earlier this week as evidence. Aside from that, the creator of dogecoin revealed that he had invested in cryptocurrency for the first time in eight years.