Bitcoin Dipped to $31K Before Crypto Markets Recovered $100 Billion (Market Watch)

Bitcoin Dipped to $31K Before Crypto Markets Recovered $100 Billion (Market Watch)

After the latest massive price slump to a multi-week low, bitcoin has bounced off and recovered over $3,000 of value. While most altcoins have failed to produce any significant gains, Solana spiked by double-digits and has neared the top ten.

Bitcoin Recovers $3K

After a few days of sideways trading in which BTC stood around $37,000, the infamous volatility made its mark once again. As reported yesterday, bitcoin slumped by a few thousand dollars to below $34,000, but it only continued south.

In the following hours, BTC dumped to around $31,000 (on Bitstamp). This became the lowest price tag the cryptocurrency had seen since the mid-May vicious crash when it dropped all the way down to $30,000.

At this point, though, the bulls stepped up and didn’t allow any further decreases. Just the opposite, BTC started to quickly regain value and has climbed back up by more than $3,000 since then. As of writing these lines, bitcoin stands at about $34,000.

Although its market capitalization is still well below $700 billion, its dominance has increased to almost 42% as most altcoins have failed to recover most losses.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SOL Nears Top 10 as Alts Stall

The alternative coins had it even worse during yesterday’s crash. Ethereum dumped to around $2,300, but it also bounced off rather quickly to about $2,500. Nevertheless, ETH has failed to increase any further since its initial recovery.

The situation with the rest of the top ten alts is quite similar. BNB went to $320, bounced to $360 but has calmed around $350 as of now.

On a 24-hour scale, Cardano, DOGE, XRP, DOT, and UNI are just slightly in the red. In contrast, SOL has spiked by more than 13% to $43. As a result, Solana has neared the top ten largest coins by market cap by surpassing BCH, LTC, and LINK.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Somewhat expectedly, the lower- and mid-cap altcoins have displayed more fluctuations in the past 24 hours. Bitcoin Gold (32%) has gained the most, followed by Theta Fuel (20%), Helium (18%), Kusama (13%), and Algorand (10%).

In contrast, ICP (-13%), Nexo (-10%), Celsius (-6%), and BakeryToken (-6%) have lost the most.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has recovered over $100 billion in a day to above $1.5 trillion.

editorial staff

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