Bitcoin has regained more than $3,000 since yesterday’s low but continues to struggle at $56,000. The altcoin market has also bounced off from the recent losses, led by a 24% surge for Cardano – as a result, ADA has become the third-largest crypto by market cap again.
The past few days didn’t go in BTC’s way. After the new all-time high on Saturday at $61,800, bitcoin went for a steep correction that drove it south by nearly $9,000.
Consequently, the primary cryptocurrency dropped to a low of $53,200 (on Bitstamp), as reported yesterday. However, the bulls have taken charge since then and pushed the asset upwards.
This led to an increase to over $57,000 reached a few hours ago. Despite retracing slightly since then, BTC still hovers above $56,000, meaning that it has recovered roughly $3,000 in a day.
The technical indicators suggest that the first resistance lines in bitcoin’s way up are situated at $58,355, $60,000, and the all-time high at $61,780.
Alternatively, the support levels at $56,000, $54,500, and $53,000 could assist in case of another sharp retracement.
BTCUSD. Source: TradingView
Most alternative coins also fell after the weekend gains but managed to start their recovery sessions more quickly than their leader. In the past 24 hours, though, Ethereum has failed to display any significant movements in either directions and has stayed beneath the $1,800 level.
Binance Coin, Litecoin, and Chainlink have marked minor gains, while Polkadot (6%) and UNI (6%) have increased above $36 and $31, respectively.
The most impressive gainer from the larger-cap altcoins is Cardano. Following an announcement that ADA will be listed on Coinbase Pro, the asset has exploded by more than 20% since yesterday to nearly $1.30. Moreover, ADA has surpassed BNB in terms of market cap and has become the third-largest crypto by this metric.
Ripple has lost the most from the top ten after a 5.5% drop to $0.47.
Cryptocurrency Market Overview. Source: Quantify Crypto
More gains are evident from Basic Attention Token (40%), Filecoin (30%), DigiByte (18%), 1inch (17%), CRO (17%), and Avalanche (15%).
Ultimately, the cumulative market capitalization of all digital assets has reclaimed the $1.7 trillion mark.
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