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After the severe crash that drove BTC to about $30,000, the cryptocurrency has recovered some losses and reclaimed $36,000. Most alternative coins have also bounced off yesterday’s lows as the market cap looks to reconquer the $1 trillion level.
Bitcoin Back Above $36K
Following the highly positive first ten days of the new year, BTC headed for its worst 24-hour correction since the mid-March 2020 liquidity crisis.
The primary cryptocurrency sat near its all-time high of $42,000 before the bears pushed it down. Ultimately, bitcoin lost almost $12,000 of value during yesterday’s trading session and bottomed at just above $30,000.
Nevertheless, the bulls intercepted the move at this point and didn’t allow any further declines. Just the opposite, BTC started regaining value in the following hours.
As of writing these lines, the cryptocurrency has recovered about half of the lost value and sits above $36,500.
From a technical perspective, BTC has to overcome the next resistance lines at $37,150, $38,000, and $39,000 to resume its bull run. Alternatively, the support levels at $34,000, $32,500, $30,700, and $30,000 could assist in case of a price breakdown.
Altcoins Take A Breather
Most alternative coins lost even more value than their leader. However, they have started the recovery sessions, similarly to BTC.
Ethereum bottomed below $1,000, but it has jumped by about 7% on a 24-hour scale and currently trades at $1,145.
Bitcoin Cash (4%), Binance Coin (2.4%), Chainlink (7%), and Litecoin (5%) are also in the green.
However, Ripple, Polkadot, Cardano, and Stellar have gained the most from the top ten. XRP has added 13% of value to above $0.30, DOT has jumped by 11% to $8.5, ADA (15%) to $0.31, and XLM has skyrocketed by 25% since yesterday to $0.31 as well.
Cryptocurrency Market Overview. Source: Quantify Crypto
The lower- and mid-cap altcoins have bounced off even harder. Nano and Horizen lead with 45% gains. IOST (29%), Avalanche (28%), Blockstack (25%), NXM (24%), Quant (19%), Synthetix (17%), Compound (17%), Maker (14%), and Theta (14%) are just some of the double-digit price increase reps.
In total, the cumulative market capitalization has added $150 billion since yesterday’s low and has neared the coveted $1 trillion mark again.
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