Bitcoin has experienced a significant price drop recently but has managed to recover over six thousand dollars in the last 18 hours.
Other alternative coins have also seen substantial gains today, contributing to an increase of over $200 billion in the total crypto market cap since yesterday.
Bitcoin’s Recovery
The events of the past few days have been unexpected, especially considering the surge to $70,000 last Monday. The focus now is on what has transpired from Friday until now.
Following a weak jobs report in the US and controversial actions by Japan’s central bank, Bitcoin dropped from $66,000 to $62,200 on Friday, in line with the decline experienced by Wall Street and other risky assets. The weekend brought further losses as the cryptocurrency fell to $57,000 by Sunday.
On Monday, Bitcoin saw a significant decrease, dipping to below $50,000 for the first time since mid-February. This drop led to over $1.2 billion worth of liquidated positions amid concerns about a potential decline to $40,000.
However, bulls stepped in to prevent further losses. Bitcoin has started to recover and is currently trading at $56,000, marking a 10% increase for the day. Its market cap has exceeded $1.1 trillion, with a dominance of 53.2% on CG.
Altcoins Showing Strong Recovery
Alternative coins are inherently more volatile and suffered during the recent market downturn. However, they have rebounded impressively with significant daily gains.
Solana’s native token has surged by 24% to $142, leading the larger-cap altcoins. Shiba Inu has also seen a substantial increase, reaching $0.000014. Other notable gains include ETH (13%), BNB (17%), XRP (15%), DOGE (17%), ADA (16%), among others.
The total market cap of all cryptocurrencies has increased by over $200 billion since the recent low, reaching $2.070 trillion on CG.
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