Following another substantial dip to a new three-month low, bitcoin has recovered some ground and stands above $45,000. Most alternative coins have also taken a breath of fresh air, and the crypto market cap has increased above $2.1 trillion.
Bitcoin Stabilizing Around $45K?
The past several days didn’t go well for the primary cryptocurrency. Following controversial Twitter engagements from Tesla’s CEO – Elon Musk – the asset’s price fell by about $18,000.
While there were brief signs of recovery yesterday, the adverse developments repeated. Bitcoin started to lose value rapidly after failing to stay above $45,000. Consequently, it fell to just over $42,000, which was the new three-month low. Additionally, this became the largest correction during the ongoing bull cycle that began in October 2020.
Since then, though, the bull took charge and pushed the cryptocurrency upwards. In the following hours, bitcoin reclaimed more than $3,000. As of writing these lines, BTC stands around the $45,000 price line.
Its inability to resume the 2021 bull run continues to cause bitcoin portions of its market dominance, which is down to a near three-year low at 40%. The asset’s market capitalization is also well beneath a round-numbered milestone at $850 billion.
BTCUSD. Source: TradingView
Better Days for the Alts
The alternative coins suffered just as severely in the past week or so. Ethereum was flying high towards consecutive all-time highs above $4,400. However, the market-wide crash drove it south hard, and ETH dumped to $3,100 days later.
In the past 24 hours, the second-largest crypto has bounced off to around $3,500. Binance Coin dropped below beneath $500 but currently stands above $520.
Cardano, which saw the latest ATH at $2.4 just a few days ago, is slightly down on a 24-hour scale and trades at $2.1. Ripple and Polkadot have gained the most from the top ten. XRP is up by 7.5% to above $1.5, while DOT has increased by 4.5% and stands north of $40.
Cryptocurrency Market Overview. Source: coin360.com
The most significant gainer is Polygon (32%). As a result, the token formerly known as MATIC charted a new all-time high at $2.17 hours ago. Synthetix (24%), Aave (23%), SushiSwap (18%), Celo (15%), YFI (15%), Helium (13%), Kusama (11%), Revain (11%), and Decentraland (10%) are next.
Ultimately, the crypto market cap has recovered some of its recent losses and currently stands above $2.1 trillion. During the most severe hours of the market crash, the metric fell below $2 trillion for the first time since late April.