Bitcoin Rebounds $6K After Bloody Weekend: Altcoins Deep in Green (Market Watch)

Following another massive drop to a new low since early March, bitcoin has bounced off and added $6,000 of value. Most alternative coins have reacted even better with substantial double-digit gains. As such, ETH is at almost $2,500, while BNB is close to $550.

Bitcoin Adds $6K in Hours

The past several days didn’t go well for the primary cryptocurrency. Friday was especially bloody as it dropped from over $55,000 to around $47,500 in a matter of hours.

Despite regaining some ground during the weekend, bitcoin failed to improve substantially. As a result, it dabbled with the $50,000 line but was unable to breach it decisively.

The latest rejection drove the cryptocurrency south again. As such, BTC dumped by over $3,000 of value and went to $47,000 – the new lowest point since early March.

However, the bulls took control at this point and pushed bitcoin higher. In a matter of hours, the asset finally broke above $50,000 and went on to around $53,000.

With this notable increase, BTC’s market capitalization has neared the coveted $1 trillion tag, but it’s still just below it. Nevertheless, its dominance continues to suffer and is down to about 50% – the lowest in 33 months.

BTCUSD. Source: TradingView

Altcoins in Green; ETH Nears $2,500

The alternative coins suffered just as badly as bitcoin during the last week or so. However, they have begun recovering as well with some impressive price pumps. ETH plummeted to below $2,300 yesterday, but a double-digit increase has taken the second-largest crypto to nearly $2,500.

Binance Coin dumped beneath $500 and struggled there for a while. Nevertheless, BNB has spiked by more than 12% in the past 24 hours and currently stands around $550.

Ripple (11%), Cardano (9%), Polkadot (12%), Uniswap (20%), Litecoin (8%), and Chainlink (11%) are also well in the green. Dogecoin is the only exception today with a slight decrease, but the meme coin performed rather well during the crash.

Cryptocurrency Market Overview. Source: Quantify Crypto

More gains come from Polygon (33%), Voyager Token (27%), Theta Fuel (26%), PancakeSwap (25%), UMA (24%), Fantom (23%), THETA (22%), Aave (21%), Dent (20%), Horizen (20%), Arweave (20%), and more.

The crypto market cap has recovered over $200 billion since yesterday’s low, but it’s still around $30 billion away from the $2 trillion level.