The past 24 hours took a turn for the better as, the broader cryptocurrency market added over billion to its total capitalization and reclaimed the coveted trillion level. This comes on the back of Bitcoin reclaiming K and Ethereum pushing for .6K at the time of this writing. Bitcoin Price Bouncing Back Yesterday, the BTC price slipped towards ,500, where it seems to have marked some sort of a local bottom as that’s where the bulls took more definitive steps to protect the cryptocurrency from further downside. Since then, bitcoin’s price recovered by almost ,000, and it’s currently trading above ,400. Source: Binance via TradingViewThat said, Bitcoin’s dominance, the metric that gauges its share relative to that of the entire market, has declined by
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The past 24 hours took a turn for the better as, the broader cryptocurrency market added over $50 billion to its total capitalization and reclaimed the coveted $1 trillion level. This comes on the back of Bitcoin reclaiming $20K and Ethereum pushing for $1.6K at the time of this writing.
Bitcoin Price Bouncing Back
Yesterday, the BTC price slipped towards $19,500, where it seems to have marked some sort of a local bottom as that’s where the bulls took more definitive steps to protect the cryptocurrency from further downside.
Since then, bitcoin’s price recovered by almost $1,000, and it’s currently trading above $20,400.
That said, Bitcoin’s dominance, the metric that gauges its share relative to that of the entire market, has declined by about $0.3% in the past 24 hours. While this is not such a significant difference, it shows that altcoins performed better in their recovery.
Altcoins Popping Off
Following days of depressing declines, altcoins are finally seeing some green. Ethereum is up by a whopping 10% since this time yesterday, and it’s currently testing the resistance at the pivotal $1,600 level. The cryptocurrency is still down 1.7% in the past seven days, but the latest recovery is notable.
As seen in the heatmap above, the entire market is painted green. Besides ETH, AVAX skyrocket by a whopping 13.54% daily, recovering a lot of what it lost during the previous few days.
ADA is up 5%, XRP is up 3.5%, while Solana increased by a more considerable 8%. Lido is the cryptocurrency that gained the most over the past 24 hours (17%) followed closely by Synthetix Network’s SNX, that’s up 14%.
On the other hand, Celsius Network’s native cryptocurrency failed to capitalize on the move and is down by 7.3% in the past 24 hours.
The bounce did well to improve the overall market sentiment, which moved up in the “fear” territory. It was previously in a state of “extreme fear.”