Following yesterday’s massive price drops, bitcoin has bounced off and recovered over $1,000. Most altcoins are also slightly in the green today, with Dogecoin outperforming the rest with a substantial double-digit price surge.
Bitcoin in Green But Still Below $60K
The price of bitcoin was gradually heading south following the all-time high reached last week. It failed to continue above $67,000 and lost $7,000 in just a few days.
The asset managed to recover some ground and neared $64,000 earlier this week, but it was stopped once more. This time, the bears took complete control and pushed BTC south hard.
In a matter of hours, the cryptocurrency lost more than $5,000 of value. As such, it dipped to $58,000, which became the lowest price point in two weeks.
BTC initially struggled to recover but has spiked by $1,500 in the past few hours and is close to $60,000 once again. Consequently, the asset’s market capitalization has reclaimed $1.1 trillion, but the dominance over the altcoins is down to 44.5% after touching 47% days ago.
Altcoins’ Recovery Attempts
The alternative coins also plummeted hard yesterday. Ethereum went as low as $3,900 but has bounced off and has jumped above $4,000 as of writing these lines.
Cardano, Polkadot, Terra, Avalanche, and Chainlink have charted minor gains, while Binance Coin (4%), Solana (2.5%), and Ripple (3.5%) have added a bit more.
Dogecoin is the most substantial gainer from the top 10 coins. The meme token is up by 32% on a 24-hour scale and trades at a near two-month high above $0.31. As such, DOGE has managed to reclaim its spot as the 9th largest cryptocurrency by market cap just hours after the self-described Dogecoin-killer – Shiba Inu – took it.
Further gains are evident from Secret (20%), Fantom (18%), Curve DAO Token (15%), Harmony (13%), Polygon (12%), Helium (12%), Enjin Coin (12%), Waves (10%), and more.
The cryptocurrency market capitalization has added more than $100 billion since yesterday’s bottom and is above $2.5 trillion as of now.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
