Bitcoin rebounds after hitting 7-week low

A woman walks past the entrance of a cryptocurrency exchange office in Istanbul, Turkey. Photo: Chris McGrath/Getty Images

Cryptocurrency prices were broadly higher on Monday as recent price falls across the market attracted bargain-hunting buyers.

The global cryptocurrency market was up over 8% over the last 24 hours, according to data provider The market was led higher by bitcoin (BTC-USD), the world’s biggest crypto, which was up over 5% to $52,718 on Monday morning.

The rebound came after recent steep price declines last week. Cryptos sold-off in what some analysts called a “healthy” correction to the exuberance seen in the market since late last year.

Bitcoin hit its lowest levels since early March late on Sunday night, falling just below the $47,200 (£33,933) mark. 

The seven-week low helped attract buyers back to the market who saw value at this level.

Bitcoin’s slump last week coincided with a broader market sell-off and its revival on Monday helped spark a turnaround across the crypto market.

Watch: What is bitcoin?

Ethereum (ETH-USD) prices were surging on Monday. The world’s second biggest cryptocurrency was up over 10% to $2,454.25, just shy of all-time highs.

Ripple was also surging. The XRP (XRP-USD) token was 11% higher to $1.17.

While most of the market was rallying, Dogecoin (DOGE-USD) prices continued to retreat. The meme token was down 5.7% to trade at $0.26. Dogecoin had rallied strongly last week ahead of “Dogeday” — an online celebration of the joke cryptocurrency timed to coincide with marijuana holiday 4/20. Dogecoin followers had hoped to push the tokens price to $0.69 or $1 but fell short. Momentum has faded since then.

Watch: What are the risks of investing in cryptocurrency?