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Bitcoin has bounced off from yesterday’s massive nosedive and has recovered about $6,000 of value. Most alternative coins have followed along with ETH above $2,200 and BNB north of $530, and the crypto market cap has added roughly $200 billion since yesterday’s low.
Bitcoin Adds $6K Since the Dip
It seemed that everything was going in bitcoin’s way last week after the asset finally reconquered $60,000 and went even further to a new all-time high of $65,000. However, the cryptocurrency started to retrace slightly on Friday and the situation intensified on Saturday.
As CryptoPotato reported, BTC headed south vigorously and lost approximately $9,000 of its dollar value in a matter of hours. While the community still debates the possible reasons, the fact is that bitcoin slumped to a 3-week low and its market capitalization plummeted beneath $1 trillion.
After dumping to $51,500 (on Bitstamp), though, the primary cryptocurrency bounced off. In the following day or so, BTC has regained nearly $6,000 and currently sits above $57,000.
It’s worth noting that BTC investors have taken the adverse price developments somewhat positively. Santiment data shows a significant number of comments saying “buy the dip” during the crash and “bought the dip” upon market recovery the following day.
Bitcoin Price vs. General Community Sentiment. Source: Santiment
Altcoins’ Recovery; $200B Added in the Market Cap
Somewhat expectedly, most alternative coins had it even worse during the market dump. Ethereum lost more than $400 in hours but has bounced off rather well and currently stands above $2,250.
Binance Coin also plummeted to a low of $440. However, BNB is more than $90 up since then to a price line of over $530. Ripple (11%), Cardano (6.5%), Polkadot (3.6%), Uniswap (3.5%), Litecoin (4.5%), Chainlink (15%), and Dogecoin (16%) are also well in the green.
Cryptocurrency Market Overview. Source: Quantify Crypto
More gains on a 24-hour scale are evident from Pundi X (51%), Neo (43%), Qtum (35%), KuCoin Token (27%), DigiByte (27%), Helium (25%), Solana (23%), VeChain (21%), Ontology (20%), IOTA (20%), and more.
Ultimately, the cumulative market capitalization has regained roughly $200 billion since yesterday’s low and is close to $2.1 trillion now.
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