After a few consecutive days of nosedives, bitcoin bounced off and added over $1,000 of value. Most altcoins also turned green after the recent turmoils, with Solana, Terra, and Shiba Inu leading the pack.
Bitcoin Taps $39K
It was the middle of last week when the primary cryptocurrency challenged $45,000 as the bulls seemed to control the market. Yet, the subsequent rejection at that level meant upcoming troubles for the asset.
In a matter of hours, bitcoin slumped by several thousand dollars and dumped all the way down to $40,000 for the first time since early February. While this level held initially, the situation worsened shortly after, and bitcoin found itself struggling below it on Friday and during the weekend.
Somewhat expectedly, BTC dropped by a few thousand dollars once again yesterday, as reported, resulting in a nosedive towards $38,000 – the new lowest price point since February 4th.
As of now, BTC has reclaimed some ground and stands around $39,000. Nevertheless, being more than 7% down weekly means that the asset’s market cap is still well below $750 billion.
Altcoins’ Recovery Led by SOL, LUNA, and SHIB
The alternative coins suffered just as severely, if not worse, as bitcoin in the past few days. Today, though, most have flashed some signs of recovery.
Ethereum was among the most substantial losers. It traded above $3,200 days ago before the market-wide retracement drove it to $2,600 yesterday. A 4% increase since then, though, has pushed the second-largest cryptocurrency to above $2,700.
Similar daily gains are evident from Binance Coin, Cardano, Avalanche, Polkadot, Dogecoin, Litecoin, and ATOM.
More increases come from Solana, Terra, Shiba Inu, and MATIC. Consequently, SOL stands at $95, LUNA is above $50, SHIB is up to $0.000027, and MATIC has neared $1.6.
BitTorrent is the most significant gainer today with a massive 31% surge, followed by Quant (17%), Waves (12%), and Axie Infinity (10%).
The crypto market cap is up by around $60 billion since yesterday’s low, but it’s still below $1.8 trillion.