Bitcoin Recovers Over $5,000 as Crypto Market Cap Rebounds $200 Billion (Market Watch)

Bitcoin Recovers Over $5,000 as Crypto Market Cap Rebounds $200 Billion (Market Watch)

No boring days in crypto as bitcoin went through a roller-coaster with a few thousand-dollar moves down and up. The alternative coins also recovered some of the losses, with the entire market cap regaining $200 billion since yesterday’s low.

Bitcoin Reclaims More Than $5K

It all seemed calm during the weekend when BTC stood in a range of around $35,000 – $36,000. However, the cryptocurrency rarely likes to stay still, and its ever-volatile nature reemerged in the past 48 hours.

The bears took the main stage initially and pushed the asset south vigorously. In a matter of hours, bitcoin lost more than 20% of its value, dumped below $30,000 for the first time since January, and kept falling to a low beneath $29,000.

At this point, though, the bulls stepped up. They reversed the price trajectory rather fast and sent the cryptocurrency north. Bitcoin recovered more than $5,000 of value and currently trades at about $34,000.

Its market capitalization has increased above $600 billion once again, and its dominance has risen to just shy of 47%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins’ Recovery Session

The alternative coins suffered even more than their leader during yesterday’s crash. Ethereum went from nearly $2,300 to a low beneath $1,700. This became ETH’s lowest price tag since March. However, it has also bounced off by adding $300 of value and currently stands around $2,000.

Binance Coin lost more than $100 in a day, from $340 to $220. Nevertheless, BNB’s performance has mimicked that of ETH, and the cryptocurrency is now just shy of $300.

On a 24-hour scale, most other larger-cap alts are also well in the green. Cardano is 9.5% up to $1.3, XRP (7%) is at $0.65, and DOGE pumped by 11% to $0.22.

Polkadot (3.5%), Uniswap (10%), Bitcoin Cash (-5.5%), and Litecoin (3.5%) have also recovered some ground. Solana is the most impressive performer, with an 18% surge to above $30.

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

More gains come from Celo (30%), Livepeer (18%), Helium (17%), Compound (14%), Filecoin (11%), Chiliz (11%), Maker (10%), Zcash (10%), Enjin Coin (10%), and Aave (10%).

Ultimately, the cumulative market capitalization has added more than $200 billion since yesterday’s low and is close to $1.4 trillion now.

editorial staff

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