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After yesterday’s massive crash, bitcoin bounced off and added nearly $8,000. Most altcoins are also well in the green now, with Ethereum reclaiming $4,200 and Terra surging to yet another all-time high.
Bitcoin’s Recovery Attempts
The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example of that. Bitcoin, for instance, traded around $58,000 after getting rejected at $59,000 a few days in a row when the landscape changed vigorously.
The asset plummeted in the following hours to a daily low of $42,000 (on Bitstamp), prompting many industry experts and analytics to speculate on the possible reasons behind this $16,000 drop.
Nevertheless, bitcoin reacted somewhat positively after touching the $42,000 bottom. It bounced off to around $47,000 initially and another leg up hours later drove it to just shy of $50,000.
So far, BTC is unable to breach that level, but it’s still about 5% up on the day, and its market capitalization has risen well above $900 billion.
BTCUSD. Source: TradingView
Altcoins in Green After the Bloodbath
The altcoins suffered even more than bitcoin yesterday. Ethereum went from nearly $4,700 to around $3,500. Now, though, the second-largest cryptocurrency trades around $4,200 after a 7.5% daily increase.
Binance Coin also fell hard, but a similar increase has driven it to above $570. Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) also see some daily gains.
Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). Consequently, LUNA even painted a new all-time high earlier at just under $80.
More daily increases are evident from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%), THORChain (15%), The Sandbox (12%), Helium (12%), and many more.
As such, the cryptocurrency market capitalization has recovered over $300 billion since yesterday’s low of $2 trillion.
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.