Yesterday’s huge crash saw bitcoin rebound and add nearly $8,000. Many altcoins are also in the green, with Ethereum recovering $4,200, Terra gaining to an even greater height, and Terra gaining nearly $8,000.
Bitcoin Recovery Attempts
Yesterday was an excellent example of the volatile price movements that cryptocurrency has seen. Bitcoin traded at $58,000, after being rejected at $59,000 for a few days. The landscape had changed rapidly, and Bitcoin was rejected at $59,000 again.
In the hours that followed, the asset fell to $42,000 (on Bitstamp). This led to many analysts and industry experts to speculate about the reasons for the $16,000 loss.
Bitcoin reacted positively to the $42,000 bottom. Bitcoin bounced back to $47,000 at first, and a second leg up hours later brought it to just short of $50,000.
BTC has not been able to surpass that level so far. However, it is still up about 5% on the day and its market capitalization has risen to well over $900 billion.
BTCUSD. Source: TradingView
ltcoins after the Bloodbath
Altcoins suffered more than bitcoin yesterday. Ethereum dropped from $4,700 to $3,500. After a 7.5% daily rise, Ethereum now trades at $4,200.
Binance Coin fell as well, but it has seen a similar rise to $570. Daily gains are also seen in Solana (3%), Cardano (2%) and Polkadot (2%) respectively.
Ripple (12%) and Dogecoin (8.5%), respectively, have achieved even more impressive recoveries. Terra (30%) has also made remarkable gains. LUNA reached a new record at under $80 earlier.
Livepeer (22%), Loopring ( 20%), Elrond ( 20%), Quant (18%) and Decentraland (18%) show more daily increases.
The cryptocurrency market capitalization has risen to over $300 billion from yesterday’s $2 trillion low.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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