Crypto Market Cap Recovers $200B in a Day as Bitcoin Stands Above $44K (Market Watch)
After yesterday’s adverse price movements, bitcoin has finally bounced off by reclaiming several thousand dollars in a day. Most alternative coins have also reacted well with numerous double-digit price pumps from Solana, Polkadot, Avalanche, Terra, and more.
Bitcoin Reclaims $44K
The start of this week didn’t go well for the primary cryptocurrency, which dumped in value on Monday following the Evergrande saga. In fact, bitcoin’s performance was rather similar to the global stock markets, which also went down.
The pain was not over as BTC kept losing ground in the following few days. This culminated in yesterday’s price dump below $40,000, which became the lowest level since early August.
Since then, though, the bulls have come to play again. Bitcoin reclaimed $40,000 almost immediately and started to push north. As of now, the cryptocurrency trades above $44,000 – meaning a $4,500 price increase in roughly 24 hours.
Its market capitalization has risen to well above $800 billion once more but the dominance over the alts has declined below 42% as most of them are well in the green.
Alts See Nothing But Green
During the market-wide correction, the alternative coins suffered more than their leader. Now, though, almost all of them have outperformed BTC. Ethereum, for example, dumped all the way down to $2,650. As of writing these lines, the second-largest crypto has bounced off rather well and currently sits above $3,100.
Cardano also fell hard, but a 5.5% increase in the past 24 hours has driven ADA to $2.25. Binance Coin, Ripple, Dogecoin, and Uniswap have marked similar gains in a day.
Double-digit price increases are evident for Solana, Polkadot, Avalanche, Terra, and ATOM from the larger-cap alts.
More gains come from Arweave, Tezos, Axie Infinity, IOST, Quant, Elrond, Celo, and more. As such, the crypto market cap has recovered $200 billion since yesterday’s low and is close to $2 trillion as of now.
OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow