After a few consecutive days of decline, bitcoin bounced back and increased in value to over $1,000. Most of the altcoins also turned green following the recent turmoil, with Solana, Terra and Shiba Inu leading the way.
Bitcoin $39K. taps
It was in the middle of last week that the primary cryptocurrency challenged $45,000 as the bulls seemed to be taking control of the market. Nevertheless, a subsequent rejection at that stage meant ensuing trouble for the property.
Within hours, bitcoin fell to several thousand dollars and fell to $40,000 for the first time since the beginning of February. Although this level initially remained, the situation worsened soon after, and bitcoin found itself struggling below it throughout Friday and the weekend.
As reported, somewhat as expected, BTC once again dropped a few thousand dollars yesterday, resulting in a drop to $38,000 – the new lowest price point since February 4.
So far, BTC has regained some ground and is around $39,000. Nevertheless, weekly down more than 7% means the asset’s market cap is still below $750 billion.
Altcoins Recovery Led by SOL, LUNA and SHIB
Alternative coins suffered just as severely as bitcoin over the past few days, if not worse. Today, however, most have shown some signs of recovery.
Ethereum was among the most significant losers. It traded above $3,200 before a market-wide retracement took it to $2,600 yesterday. However, a 4% gain since then has propelled the second-largest cryptocurrency above $2,700.
Similar daily gains are evident from Binance Coin, Cardano, Avalanche, Polkadot, Dogecoin, Litecoin and ATOM.
Solana, Terra, Shiba Inu and Matic have more growth. As a result, SOL is at $95, LUNA is above $50, SHIB is up to $0.00027, and MATIC is near $1.6.
BitTorrent is the most significant gainer today with a massive 31% increase, followed by Quant (17%), Waves (12%), and Axi Infinity (10%).
The crypto market cap has risen from yesterday’s low to nearly $60 billion, but it is still below $1.8 trillion.
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Cryptocurrency charts by TradingView.