The past 24 hours has been a good one and more of a relief for many crypto holders. It has recovered over $200B in a day as Bitcoin bounced off and added more than $5,000 also.
Like Bitcoin, many other altcoins also shot up recovering from their losses and jacking the entire crypto market cap by over $200 billion.
Bitcoin bounced back above $30,000 from a monthly low of $28,000 when many holders were disappointed. The flash drop under $30,000 may have allowed new investors to take advantage of the lower entry prices.
Bitcoin primed for $40,000
The number one crypto stood in the range of around $35,000 – $36,000 throughout the weekend until Monday/Tuesday when the market went south. Bitcoin fell slowly from its weekend price.
The bears took the main stage initially and pushed the asset south vigorously. In hours, BTC lost more than 20% of its value, dumped belowB $30,000 for the first time since January, and kept falling to a low around $28,000.
After the bears had their show, the bulls took over and reversed the trend. 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 45%.
Altcoins market green as recovery begins
Altcoins suffered more between Monday and Tuesday as it always does when Bitcoin goes south. Ethereum went from nearly $2,300 to a low beneath $1,700. The price 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.
Similar to ETH, Binance Coin lost more than $100 in a day, from $340 to $220. However, 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.
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 closing in on $1.4 trillion now.