Following a few consecutive days of price dumps, bitcoin reversed its trajectory and added more than $2,000 in hours. The altcoins have also turned greed today, led by impressive price pumps from Terra, Avalanche, and Cardano.
The past several days didn’t go well for the largest cryptocurrency, especially after losing the coveted $40,000 mark during the weekend. The landscape only worsened in the following hours as BTC slumped to its lowest price position since the beginning of February at just over $36,000, as reported yesterday.
This came amid the growing number of bearish signs, as pointed out by Glassnode, including the declining interest and demand from retail investors. Moreover, the number of non-zero addresses decreased by approximately 220,000 wallets.
However, BTC typically tends to defy the odds when backed against the wall, and the past 24 hours didn’t disappoint. Instead of further dumping in value, bitcoin went on the offensive and surged by nearly $3,000.
As a result, the cryptocurrency touched $39,000 minutes ago. Nevertheless, BTC is still down by more than 10% on a weekly scale, and its market capitalization has remained below $750 billion.
BTCUSD. Source: TradingView
The alternative coins suffered even more than bitcoin in the past few days, but their more volatile nature has resulted in impressive recovery sessions today.
Ethereum is up by over 6% on a daily scale and currently sits north of $2,700. Binance Coin has added a similar percentage following yesterday’s dump and now stands at $380.
Ripple, Solana, Polkadot, Dogecoin, and Shiba Inu are also up by between 6% and 9% in a day.
Terra is the most impressive gainer from the larger-cap alts after the announcement of raising $1 billion for Bitcoin UST stablecoin reserves. LUNA has surged by 15% since then and now sits at nearly $60.
Avalanche (12%) and Cardano (10%) have also soared by double-digits to $80 and $0.93, respectively.
The crypto market cap is up by around $100 billion since yesterday’s low and now sits at $1.750 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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