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.
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
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.
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