Multiple cryptocurrencies rebound after prolonged slump

Multiple cryptocurrencies saw marked rebounds this week after experiencing months of steady declines following record highs. 

Data from crypto intelligence company Coinbase showed cryptocurrencies such as Bitcoin, Ethereum, Cardano and multiple other currencies in positive territory, with many enjoying double-digit spikes.

Bitcoin on Tuesday afternoon was showing a near-eight percent increase over the prior 24 hours, having seen a roughly 20 percent spike since the prior Tuesday to finish at around 23,000 USD on Tuesday. That rise, however, still sees the popular crypto in sharply negative territory relative to its peak in November at around $61,000. 

Still, the spikes of Bitcoin and other cryptos could signal a turnaround for the struggling blockchain currency industry. Ethereum was also on a notable upward swing on Tuesday, rising nearly six percent over the last 24 hours and nearly 50 percent over the past week. 

The rallies come amid sustained, persistent fears of recessions, particularly as supply chain issues and high gas prices continue to wreak havoc on much of the American and global economies.