After several consecutive days of freefalls and new multi-yearly lows, bitcoin finally bounced off and jumped to and beyond $20,000. The altcoins have also turned green today, with ETH spiking by double digits to north of $1,000.
The past week or so didn’t go all that well for the primary cryptocurrency, which dropped from over $30,000 to below $20,000 within this timeframe. This past weekend was particularly harmful as BTC slumped below the 2017 all-time high and kept diving to new bottoms.
This culminated in a price dump towards $17,500 on Sunday morning, resulting in over $600 million worth of liquidations from over-leveraged traders.
However, the asset reacted well to this massive correction and new 18-month low. It started to recover some ground in the following hours and is currently hovering at just over $20,000, meaning that it has gained almost $3,000.
As a result, its market capitalization has neared $400 billion, and its dominance over the alts is above 43%.
BTCUSD. Source: TradingView
The alternative coins suffered just as badly as bitcoin in the past several days, but the landscape has changed, at least for now.
Ethereum had lost more than 50% of its value in about a week at one point as it went to $900 for the first time in over a year. Now, though, ETH is among the most substantial daily gainers and has soared by 16% to just over $1,100.
BNB dipped below $200 during the weekend, but a 9% daily increase has pushed it to $210 as of writing these lines.
Solana is another double-digit gainer from the larger-cap alts (15%) and has reclaimed $30.
Although displaying more modest increases, ADA, XRP, DOT, DOGE, LEO, and SHIB are well in the green on a 24-hour scale, too.
Even more gains come from Synthetix (80%), Maker (26%), STEPN (24%), BAT (24%), Aave (22%), EGLD (22%), and many others.
Consequently, the cumulative market cap of all crypto assets has recovered $60 billion in a day and is close to $900 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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