Bitcoin Eyes $63,000 as Crypto Market Cap Recovers $130B in a Day (Market Watch)

Following another price dip to sub-$60,000 levels, bitcoin has bounced off and is currently close to $63,000. Most alternative coins have also charted gains in the past 24 hours, with the total market cap recovering more than $130 billion.

Bitcoin Eyes $63K

Following last week’s all-time high, when bitcoin topped $67,000, the asset started decreasing in value. This resulted in losing $7,000 in a few days.

BTC dropped below $60,000 several times, and the same transpired during the weekend. The latest such drop came hours ago when the cryptocurrency dipped to its lowest price point in over a week at $59,400 (on Bitstamp).

Since then, though, the landscape has changed. BTC bounced off and quickly reclaimed $60,000. It continued upwards and has added more than $3,000 of value.

As of now, BTC is close to $63,000, and its market capitalization has neared $1.2 trillion once again. Its dominance over the altcoins has increased slightly in a day to 45.5%.

 TradingViewBTCUSD. Source: TradingView

Alts See Green: SOL Nears ATH

Most alternative coins also retraced during the weekend but are in the green today. Ethereum slipped below $4,000 a few days back, but it now sits at $4,150.

Binance Coin, Cardano, Ripple, Polkadot, Terra, Avalanche, and Chainlink have tapped minor gains. Dogecoin has surged by more than 6% since yesterday and trades above $0.26.

Solana is the most impressive performer from the top 10 with a 7% increase. Consequently, SOL sits at $207 and is just inches away from its all-time high of around $216 from earlier this year.

More gains are evident from THORChain (14%), KuCoin Token (12%), The Graph (12%), Curve DAO Token (11%), and Fantom (10%).

Ultimately, the cumulative market capitalization of all cryptocurrency assets has added $130 billion in a day and now sits at $2.6 trillion.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Publication date: 
10/25/2021 - 08:47
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.