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Market Recovery: Bitcoin Eyes $38,000 as Ethereum Touched $2,800 (Market Watch)

Summary:
Bitcoin has bounced off after the latest negative engagement by Elon Musk and has neared ,000. Most alternative coins have spiked even harder in the past 24 hours, with ETH trading around ,800 and BNB surging well past 0. Bitcoin Recovers the Latest Elon Musk Dump After the previous weekend in which BTC dumped below ,000, the asset performed rather well during the workweek. It was gradually increasing for a few consecutive days and even broke above ,000. The bulls drove it to a six-day high of roughly ,500, but, as it happened numerous times in the past few weeks, it couldn’t go any higher. Just the opposite – bitcoin started retracing heavily after yet another controversial tweet by Tesla’s CEO. Following a Linkin Park reference and a broken heart tweeted

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Bitcoin has bounced off after the latest negative engagement by Elon Musk and has neared $38,000. Most alternative coins have spiked even harder in the past 24 hours, with ETH trading around $2,800 and BNB surging well past $400.

Bitcoin Recovers the Latest Elon Musk Dump

After the previous weekend in which BTC dumped below $34,000, the asset performed rather well during the workweek. It was gradually increasing for a few consecutive days and even broke above $37,000.

The bulls drove it to a six-day high of roughly $39,500, but, as it happened numerous times in the past few weeks, it couldn’t go any higher. Just the opposite – bitcoin started retracing heavily after yet another controversial tweet by Tesla’s CEO.

Following a Linkin Park reference and a broken heart tweeted by Musk, the cryptocurrency dumped by $4,000 to a daily low of $35,500.

However, the bulls stepped up again at this point and pushed it north. As of now, BTC trades just over $37,500, and its market capitalization has reclaimed $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Green; BNB Above $400 as ETH Sits Around $2.8K

The altcoins suffered even more during yesterday’s market correction. Ethereum dropped well below $2,600, but it has bounced off quite impressively and currently stands around $2,800.

Binance Coin also fell hard and dropped beneath $370. However, BNB has spiked the most from the top ten in the past 24 hours after a 10% surge. As a result, the asset has reclaimed $400 and now sits at $420.

Cardano (6%), DOGE (5.5%), XRP (5%), DOT (7%), UNI (5%), BCH (3%), and LINK (5%) are also well in the green from the larger-cap alts.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Theta Fuel and Curve DAO Token are the most impressive gainers on a 24-hour scale. Both assets have spiked by 25% to $0.5 and $2.75, respectively.

Siacoin (15%), Solana (13%), KuCoin Token (13%), PancakeSwap (12%), THETA (12%), IOTA (11%), Nexo (10%), and Telcoin (10%) follow.

Ultimately, the crypto market cap has recovered a little over $80 billion since yesterday and sits above $1.7 trillion.

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