After a sharp decline earlier in the week, the cryptocurrency market is actively recovering—Bitcoin (BTC) is once again trading above $59,000. The price of the leading cryptocurrency increased by 8.1% in the past 24 hours, reaching $59,540 at the time of writing. Of course, it’s still far from the previous $67,000, but at this pace, the recovery won’t take long.

Ethereum also showed nearly a 10% increase, reaching $2,584.1, after being one of the leaders in the market's decline earlier this week. Nevertheless, both major digital coins are still on the path to full recovery. Shares of cryptocurrency companies are also gradually bouncing back—Coinbase and MicroStrategy both rose by 6%.

The market is trying to stabilize after Monday’s drop, which occurred due to a sell-off amid a weakening yen and rising U.S. bond yields, driven by recession fears. Bitcoin briefly fell below $50,000 after trading near $70,000 not long ago. Concerns began to escalate late last week after the U.S. employment report for July turned out weaker than expected.

"We expect macroeconomic factors to come to the forefront in the next month or two," said Ryan Rasmussen, an analyst at Bitwise Asset Management. "With growing tensions in the Middle East, the collapse of the yen carry trade, and recession fears in the U.S., everyone is wondering when the next crash will happen and if it will happen at all." According to Rasmussen, until these concerns subside, most investment firms will likely prioritize their stock portfolios over investments in cryptocurrencies.

"Multiple factors are causing sideways movement in the crypto market," said Bitcoin IRA CEO Chris Kline. "Cryptocurrencies continue to experience some sluggishness, mainly because investors are taking a wait-and-see approach regarding whether the Federal Reserve will lower interest rates. It’s also unclear whether the correction is a temporary phenomenon ahead of more serious concerns."