After another drop below $41,000 bitcoin has quickly recovered a few thousand dollars within hours. Despite minor movements, most alternative coins are still in trouble, with a few exceptions like DYDX which has reached a new all time high.
Bitcoin Recovers the Latest Sub-$41K Dip
The asset has not seen any significant gains since Friday’s increased volatility, when its primary cryptocurrency lost $4,000 in minutes due to the Chinese ban.
The bears did the exact opposite and continued pushing it south, despite the short recovery efforts on Saturday. The first weekly drop to $40,000 occurred on Sunday. However, the bulls were able to keep BTC from sinking to that low level.
After rebounding to $42,000, bitcoin fell to $40,700 yesterday. The cryptocurrency is currently at $42,000 and has already recovered almost $2,000
Its market capitalization is close to $800 billion and its dominance over altcoins is at 42.5%.
BTCUSD Source: TradingView
ltcoins are down but not DYDX
In the last few days, many alternative coins have also seen significant losses in value. Ethereum dropped from $3,100 to $2,900. Since then, the second-largest cryptocurrency has stagnated and is still just above that level.
Similar results can be seen in Cardano and Ripple as well as Dogecoins, Polkadot and Polkadot. They have remained relatively unchanged since yesterday. Binance Coin and Solana have seen minor gains, as has Uniswap.
Cryptocurrency Market Overview. Source: Quantify Crypto
For a few coins, the situation with lower- and middle-cap alts may be slightly different. DYDX continues to be the largest gainer with a 30% increase in a single day. It has risen by 100% in the last week, possibly due to growing demand from Chinese users for DEXes.
AXS is also up in a single day — this is because the number of token holders has reached an all-time high as reported yesterday.
Although the crypto market cap has recovered $70 billion per day, it is still below $1.9 trillion.
Marla Brooks – Financial Analysis
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