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The past 24 hours took a turn for the better as, the broader cryptocurrency market added over $50 billion to its total capitalization and reclaimed the coveted $1 trillion level. This comes on the back of Bitcoin reclaiming $20K and Ethereum pushing for $1.6K at the time of this writing.
Bitcoin Price Bouncing Back
Yesterday, the BTC price slipped towards $19,500, where it seems to have marked some sort of a local bottom as thatâs where the bulls took more definitive steps to protect the cryptocurrency from further downside.
Since then, bitcoinâs price recovered by almost $1,000, and itâs currently trading above $20,400.
Source: Binance via TradingView
That said, Bitcoinâs dominance, the metric that gauges its share relative to that of the entire market, has declined by about $0.3% in the past 24 hours. While this is not such a significant difference, it shows that altcoins performed better in their recovery.
Altcoins Popping Off
Following days of depressing declines, altcoins are finally seeing some green. Ethereum is up by a whopping 10% since this time yesterday, and itâs currently testing the resistance at the pivotal $1,600 level. The cryptocurrency is still down 1.7% in the past seven days, but the latest recovery is notable.
Source: Quantify Crypto
As seen in the heatmap above, the entire market is painted green. Besides ETH, AVAX skyrocket by a whopping 13.54% daily, recovering a lot of what it lost during the previous few days.
ADA is up 5%, XRP is up 3.5%, while Solana increased by a more considerable 8%. Lido is the cryptocurrency that gained the most over the past 24 hours (17%) followed closely by Synthetix Networkâs SNX, thatâs up 14%.
On the other hand, Celsius Networkâs native cryptocurrency failed to capitalize on the move and is down by 7.3% in the past 24 hours.
The bounce did well to improve the overall market sentiment, which moved up in the âfearâ territory. It was previously in a state of âextreme fear.â
The post Recovery: Bitcoin Reclaims $20K, ETH Regains 10% (Market Watch) appeared first on CryptoPotato.
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