After several consecutive days of freefalls and new multi-yearly lows, bitcoin finally bounced off and jumped to and beyond $20,000. The altcoins have also turned green today, with ETH spiking by double digits to north of $1,000.
BTC Taps $20K
The past week or so didn’t go all that well for the primary cryptocurrency, which dropped from over $30,000 to below $20,000 within this timeframe. This past weekend was particularly harmful as BTC slumped below the 2017 all-time high and kept diving to new bottoms.
This culminated in a price dump towards $17,500 on Sunday morning, resulting in over $600 million worth of liquidations from over-leveraged traders.
However, the asset reacted well to this massive correction and new 18-month low. It started to recover some ground in the following hours and is currently hovering at just over $20,000, meaning that it has gained almost $3,000.
As a result, its market capitalization has neared $400 billion, and its dominance over the alts is above 43%.
BTCUSD. Source: TradingView
Altcoins See Green, ETH Explodes
The alternative coins suffered just as badly as bitcoin in the past several days, but the landscape has changed, at least for now.
Ethereum had lost more than 50% of its value in about a week at one point as it went to $900 for the first time in over a year. Now, though, ETH is among the most substantial daily gainers and has soared by 16% to just over $1,100.
BNB dipped below $200 during the weekend, but a 9% daily increase has pushed it to $210 as of writing these lines.
Solana is another double-digit gainer from the larger-cap alts (15%) and has reclaimed $30.
Although displaying more modest increases, ADA, XRP, DOT, DOGE, LEO, and SHIB are well in the green on a 24-hour scale, too.
Even more gains come from Synthetix (80%), Maker (26%), STEPN (24%), BAT (24%), Aave (22%), EGLD (22%), and many others.
Consequently, the cumulative market cap of all crypto assets has recovered $60 billion in a day and is close to $900 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
