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Weekend Recovery: Bitcoin Rebounds $3K After Hitting 16-Day Low, ETH Eyes $1,500

Summary:
Following more adverse developments in which BTC dipped to ,000 as of yesterday, the asset has reclaimed some ground by overtaking the ,000 mark. Most altcoins have also taken a breather after the latest beating, with Cardano and Polkadot exploding with double-digit percentages.Bitcoin Recovers K After Hitting 2.5-Week LowThe working week didn’t go well for the BTC bulls as the asset plummeted by more than ,000 in the first few days. After dropping to ,000, the cryptocurrency bounced off initially and even reclaimed ,000.However, the bears were still the driving force and pushed the price south again. Consequently, bitcoin fell even more over the past 24 hours to a low of ,200 (on Bitstamp). This became the lower price tag since February 11, according to

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Following more adverse developments in which BTC dipped to $44,000 as of yesterday, the asset has reclaimed some ground by overtaking the $47,000 mark. Most altcoins have also taken a breather after the latest beating, with Cardano and Polkadot exploding with double-digit percentages.

Bitcoin Recovers $3K After Hitting 2.5-Week Low

The working week didn’t go well for the BTC bulls as the asset plummeted by more than $13,000 in the first few days. After dropping to $45,000, the cryptocurrency bounced off initially and even reclaimed $50,000.

However, the bears were still the driving force and pushed the price south again. Consequently, bitcoin fell even more over the past 24 hours to a low of $44,200 (on Bitstamp). This became the lower price tag since February 11, according to Bitstamp.

Nevertheless, the bulls reacted at that point and initiated a leg up that resulted in a $4,000 increase. As of writing these lines, bitcoin has retraced slightly, but it’s still 2% up since yesterday and is above $47,000.

The technical aspects indicate that BTC could rely on the support levels at $44K, $42,760, and $41K in case more bloody price action comes. Alternatively, bitcoin could resume its 2021 bull run by conquering the resistance lines at $47,200 (current level), $48,000, and $50,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green: DOT and ADA Surge

The altcoins suffered even more over the past several days, as the total market cap lost nearly $400 billion this week alone. Like BTC, most are well in green in the past 24 hours, and the market has added about $100 billion.

Ethereum is 5% up and has neared $1,500. Binance Coin – BNB (7%), Ripple (4%), Litecoin (6%), and Chainlink (6%) have also bounced off yesterday’s drops and have added substantial chunks of value.

Above all, on behalf of the large-caps, Polkadot (DOT) and Cardano (ADA) have massively outperformed the rest of the top ten. DOT has surged by almost 20% to $34, while ADA has skyrocketed by over 30% to a new 3-year record high of $1.3. Moreover, ADA has surpassed BNB and has become the third-largest digital asset by market cap.

Interestingly, a Dubai-based crypto investment fund recently announced that it would dispose of its BTC holdings to purchase precisely the two biggest gainers today – Polkadot and Cardano.

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

More fluctuations are evident from the lower- and mid-cap altcoins. Reserve Rights leads upwards with a 35% surge, followed by Polygon (30%), Elrond (26%), Stacks (16%), Basic Attention Token (16%), and SushiSwap (15%).

In contrast, Fantom has lost the most since yesterday after a 19% drop. Voyager Token (-8%), Ravencoin (-6%), and Celsius (-5%) are next.

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