Bitcoin Touches $50K But Bulls Recovered $4,000 (Market Watch)

Following yesterday, when BTC dipped below $51,000, the cryptocurrency has regained some ground and currently sits near $54,000. Most alternative coins also suffered but have bounced off similarly to bitcoin, and the market cap is up by more than $70 billion.

Bitcoin’s Market Cap Takes Back $1T

It was just two days ago, on March 24th, when BTC was surging in value following Tesla’s announcement that it will enable its clients to purchase electric vehicles using the primary cryptocurrency.

The price of the asset went to an intraday high of over $57,000. While the situation seemed quite bullish, the bears took control and drove bitcoin south vigorously. In the following 24 hours, the cryptocurrency dumped by $7,000 to a low of $50,300 (on Bitstamp).

However, as the community feared that BTC could plummet beneath $50,000 for the first time since early March, the asset bounced off and has added $3,000 of value to roughly $53,700.

On its way down, bitcoin’s market capitalization suffered a major blow and dropped below the coveted $1 trillion. As of writing these lines, it has increased to just above that level.

Nevertheless, with the expiring $6 billion of Bitcoin options later today, the community expects enhanced volatility once again.

 TradingViewBTCUSD. Source: TradingView

ETH Reclaims $1,600; XRP Above $0.5

As mentioned above, the altcoin field felt the consequences of the market crash even worse than BTC. Ethereum dropped to about $1,540 after an 8% decline. However, the second-largest cryptocurrency has also reclaimed some ground and currently sits at $1,635.

Binance Coin and Uniswap have remained relatively still on a 24-hour scale at $246 and $27, respectively.

Cardano has jumped by 5% to $1.15, Polkadot stands above $30 after a 2% increase, while Litecoin (2%) is just shy of $180. Interestingly, XRP and THETA have gained the most since yesterday, with double-digit increases to $0.54 and $13.

THETA’s surge comes even after the team behind the project said it will postpone the mainnet launch by a few months.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Qtum (22%), Ankr (17%), Flow (16%), THORChain (16%), Terra (12%), Reserve Rights (11%), and SushiSwap (10%).

Ultimately, the cumulative market capitalization has recovered $70 billion in a day and has neared $1.7 trillion again.

Publication date: 
03/26/2021 - 10:22

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