Ethereum Reclaims $2,000, Bitcoin Rebounds $5K In Two Days (Market Watch)

Ethereum Reclaims $2,000, Bitcoin Rebounds $5K In Two Days (Market Watch)

Following the Saturday drop to roughly $30,000, the bitcoin bulls regrouped and pushed the asset to around $35,000. Most alternative coins are also well in the green again, with ETH leading the charge to above $2,000 and BNB nearing $300.

Bitcoin Adds $5K in Two Days

The bears had complete control of the market at the start of the weekend as they pushed the primary cryptocurrency south hard. In a matter of hours, BTC lost roughly $3,000 of value and dumped to a low of just over $30,000 (on Bitstamp).

After coming less than $100 away from breaking below that round-numbered level twice in less than a week, though, the situation rapidly changed. The bulls took action, and bitcoin started to gradually recover some ground, as reported yesterday.

More positive price movements came earlier today as BTC spiked from $32,400 to an intraday high of $35,350. As of writing these lines, the cryptocurrency has retraced by a few hundred dollars, but it’s still around the $35,000 mark.

According to the technical indicators, the first major resistance line lies at $35,700, followed by $38,000 and $39,000. If BTC is to reverse and head south again, though, it would have support at $34,000, $32,000, and $31,500.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Reclaims $2K as BNB Nears $300

The alternative coins have mimicked their leader’s performance in the past few days. Ethereum dumped to just over $1,700 on Saturday but has reacted well since then.

ETH jumped to above $1,800 yesterday and has continued further north to over $2,000. In fact, the second-largest crypto spiked to $2,075 earlier, which became its highest price point in a week.

Binance Coin had also dipped hard during the latest crash but has bounced off rather nicely and is currently just shy of $300. On a 24-hour scale, Cardano (4.5%), Dogecoin (5.5%), Ripple (4%), Polkadot (4%), Bitcoin Cash (4%), and Uniswap (6.5%) are also well in the green.

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

ICP is the most significant gainer from the top 100 in the past 24 hours. It has pumped by 45% to over $44. Celsius (16%), XDC (15%), Siacoin (13%), THORChain (12%), Fantom (12%), Nexo (12%), Shiba Inu (11%), and Compound (10%) follow.

The crypto market cap has added another $100 billion since yesterday and is currently at $1.4 trillion.

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Cryptocurrency charts by TradingView.

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