After yesterday’s massive crash, bitcoin rebounded and added nearly $ 8,000. Most altcoins are also well in the green now, with Ethereum recovering $ 4,200 and Terra hitting a new all-time high.
Bitcoin recovery attempts
The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example. Bitcoin, for example, traded around $ 58,000 after being rejected at $ 59,000 a few days in a row when the landscape changed dramatically.
Assets fell in the following hours to a daily low of $ 42,000 (on Bitstamp), prompting many industry experts and analysts to speculate on the possible reasons for the $ 16,000 drop.
Nonetheless, bitcoin reacted somewhat positively after hitting bottom of $ 42,000. He bounced back to around $ 47,000 initially and another step later took him to just under $ 50,000.
So far, BTC is unable to break through that level, but it is still up around 5% on the day and its market cap is well above $ 900 billion.
Altcoins in green after the bloodbath
Altcoins suffered even more than bitcoin yesterday. Ethereum has gone from almost $ 4,700 to around $ 3,500. Now, however, the second largest cryptocurrency is trading around $ 4,200 after a 7.5% daily increase.
Binance Coin also fell sharply, but a similar increase took it to over $ 570. Solana (3%), Cardano (2%), Polkadot (2%) and Shiba Inu (5%) also register daily gains.
Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%) and Terra (30%). As a result, LUNA even hit a new all-time high earlier at just under $ 80.
More daily increases are evident from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%) , THORChain (15%), Sandbox (12%), Helium (12%) and many more.
As such, the cryptocurrency’s market cap has recovered over $ 300 billion from yesterday’s low of $ 2,000 billion.
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