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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
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
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.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.