Over the past days since the entire crypto market took a wild downturn, not less than $1 trillion was lost to the crash. All large-cap cryptocurrencies’ price dropped by over 60 percent during the wild dip.
The crypto market cap also almost hit a 3 month low at $1.230 trillion. However, the good news this morning is that the market has begun to rebound and the market cap has recovered $300 billion as bitcoin stands above $36,000.
Bitcoin’s long way to $36,000
The number one crypto coin has been on a free fall all week long including the weekend. Actions from China connected with miners located in the nation, intensified the market disruptions.
The number one crypto dumped from $42,000 to below $34,000 in hours on Friday and Saturday. While it attempted a brief recovery, the bears kept the pressure on and pushed it further south.
The crypto slipped further down on Saturday dropping to $31,000 when some mining pools halted their operations in China. Nevertheless, the bulls intercepted this move and reversed the trajectory.
Bitcoin initiated an impressive leg up that resulted in adding roughly $6,000 of value. As a result, the cryptocurrency touched $37,000. At the time of writing it trades at $36,503.
BTC’s market dominance has reacted positively and has increased well above 45%.
Mixed altcoin market as recovery sets in
The wild crash hit the entire altcoin space also with Ethereum among the coins to suffer the most alongside BNB, ADA among others.
Earlier, ETH was above $4,400 until the adverse development drove it back below $1,900 which became the asset’s lowest price point since late March. However, it has recovered some ground, reclaimed $2,000, and currently stands just shy of $2,300.
Binance Coin also fell hard yesterday as it nosedived to $210. This became the asset’s lowest trading price since early March. Similarly to ETH, though, BNB has reacted well since this dump and has neared $300.
The story is the same with many other large altcoins. On a 24-hour scale, though, DOGE (-2%), Ripple (-3.5%), and Polkadot (-5%) are still in red. In contrast, ADA (5%), Bitcoin Cash (2%), Stellar (15%), and Chainlink (7%) have increased in value.
Even more impressive recovery sessions come from Polygon (45%), Maker (40%), Mdex (32%), Helium (30%), Harmony (22%), THORChain (17%), Fantom (15%), IOTA (12%), OKB (12%), Stacks (10%), and more.
Ultimately, the cumulative market capitalization of all crypto assets is up by $300 billion from yesterday’s low to over $1.6Trillion now.