After several consecutive days of freefalls, bitcoin bounced off and added a few thousand dollars. Most altcoins are slightly in the green as well, with Waves and Theta being the most substantial gainers following double-digit increases.
The past week or so was quite bearish for the primary cryptocurrency after the asset failed to overcome $45,000 on March 2. In the days that followed, BTC was gradually losing value before it tanked below $40,000 on Friday evening.
The situation worsened during the weekend as bitcoin consolidated around $39,000. It tried its hand at $40,000 on Sunday but was quickly stopped in its tracks.
This led to more price drops, with the latest one coming yesterday. This time, BTC slumped to just over $37,000, which became its lowest price point since February 28.
Since then, though, the bulls arrived at the scene and pushed bitcoin north. As of now, the asset stands close to $39,000 after a near 2% daily recovery. Nevertheless, its market capitalization is still below $750 billion.
BTCUSD. Source: TradingView
The altcoins also suffered in the past several days, but most have seen minor gains today. Ethereum is up by 1.5% and sits close to $2,600 after bouncing off of $2,500 yesterday. However, the second-largest crypto is still down by more than $400 in a week.
BNB Chain has increased by a similar percentage and stands near $385. Terra, Solana, Polkadot, Shiba Inu, and MATIC are also slightly in the green.
In contrast, Ripple, Cardano, Avalanche, and CRO have all produced minor losses on a daily scale.
Waves is the most significant gainer from the top 100 coins. The asset has exploded by 27%, according to Coingecko, and trades above $23. Theta Network follows suit with a 12% increase. Zcash is next with an 11% surge.
The crypto market cap has added $60 billion since yesterday’s low and is above $1.7 trillion now.
Cryptocurrency Market Overview. Source: Quantify Crypto
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