Bitcoin Recovers Over $5,000 as Crypto Market Cap Rebounds $200 Billion (Market Watch)

Bitcoin Recovers Over $5,000 as Crypto Market Cap Rebounds $200 Billion (Market Watch)

No boring days in crypto as bitcoin went through a roller-coaster with a few thousand-dollar moves down and up. The alternative coins also recovered some of the losses, with the entire market cap regaining $200 billion since yesterday’s low.

Bitcoin Reclaims More Than $5K

It all seemed calm during the weekend when BTC stood in a range of around $35,000 – $36,000. However, the cryptocurrency rarely likes to stay still, and its ever-volatile nature reemerged in the past 48 hours.

The bears took the main stage initially and pushed the asset south vigorously. In a matter of hours, bitcoin lost more than 20% of its value, dumped below $30,000 for the first time since January, and kept falling to a low beneath $29,000.

At this point, though, the bulls stepped up. They reversed the price trajectory rather fast and sent the cryptocurrency north. 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 just shy of 47%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins’ Recovery Session

The alternative coins suffered even more than their leader during yesterday’s crash. Ethereum went from nearly $2,300 to a low beneath $1,700. This 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.

Binance Coin lost more than $100 in a day, from $340 to $220. Nevertheless, 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.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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 close to $1.4 trillion now.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

FREE REPORTLearn the most exploited tactics for earning money from crypto. HINT: It's not just about buying and selling

In this FREE REPORT I show exactly how cryptocurrency works and outline methods to start getting gains today.