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

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