Crypto Market Cap Recovers $100 Billion as Bitcoin Reclaims $62K (Market Watch)

Following yesterday’s freefall in which bitcoin risked dipping below $60,000, the asset has bounced off and recovered about $2,000 of value. Most altcoins have also regained some ground, with some more than others. Apart from the top performer DOGE, Bitcoin Cash has spiked by 25% and has re-entered the top ten.

Bitcoin Reclaims $62K

After the latest all-time high registered earlier in the week of $65,000, the primary cryptocurrency reversed its price trajectory. Bitcoin started to gradually drop in value, which escalated yesterday.

As some reports emerged that Turkey will implement a ban preventing digital assets from being used as payment instruments, the first-ever crypto plummeted by more than $4,000 in hours.

This resulted in a daily drop to just above $60,000 (on Bitstamp). However, the bulls regained control and didn’t allow a breakdown beneath that coveted level. Just the opposite, BTC has jumped by roughly $2,000 since then and currently sits above $62,000.

The technical indicators suggest that bitcoin’s first resistance obstacles are $62,500, $63,766, and the ATH at $65,000. In contrast, the asset could rely on the support levels at the previous ATH of $61,780 and $60,000 in case another retracement arrives.

BTCUSD. Source: TradingView

Altcoins’ Recovery; BCH Back in Top 10

Most alternative coins mimicked BTC’s performance yesterday with some steep declines. However, similarly to their leader, they are well in the green today. Ethereum dropped by more than $150 yesterday but has jumped by more than 3% and has neared its ATH of $2,500.

Binance Coin, which went through its 15th quarterly burn yesterday, dipped below $530. However, BNB has added more than 5% of value and trades around $540 now.

Ripple (1%), Cardano (2%), Polkadot (2%), and Uniswap (1.5%) are also in the green. Litecoin and Chainlink have surged by 13 and 6%, respectively, to $323 and $43.

Dogecoin continues with its impressive performance and trades above $0.3 now. The popular meme coin reached a new all-time high of over $0.4 yesterday.

Bitcoin Cash is the best large-cap performer in the past 24 hours with a massive 25% surge. As a result, BCH has re-entered the top ten with a price tag of $1,150.

Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains come from Siacoin (76%), Nano (70%), Ethereum Classic (50%), Verge (45%), Vechain (41%), DigiByte (35%), Neo (20%), Ankr (20%), Zilliqa (20%), and more.

Ultimately, the cumulative market cap of all crypto assets has recovered $100 billion since yesterday’s low.