The crypto market cap is up by $300 billion since yesterday’s low as BTC targets $50,000 and ETH is up by 7.5% daily.
After yesterday’s massive crash, bitcoin bounced off and added nearly $8,000. Most altcoins are also well in the green now, with Ethereum reclaiming $4,200 and Terra surging to yet another all-time high.
Bitcoin’s Recovery Attempts
The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example of that. Bitcoin, for instance, traded around $58,000 after getting rejected at $59,000 a few days in a row when the landscape changed vigorously.
The asset plummeted in the following hours to a daily low of $42,000 (on Bitstamp), prompting many industry experts and analytics to speculate on the possible reasons behind this $16,000 drop.
Nevertheless, bitcoin reacted somewhat positively after touching the $42,000 bottom. It bounced off to around $47,000 initially and another leg up hours later drove it to just shy of $50,000.
So far, BTC is unable to breach that level, but it’s still about 5% up on the day, and its market capitalization has risen well above $900 billion.
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Altcoins in Green After the Bloodbath
The altcoins suffered even more than bitcoin yesterday. Ethereum went from nearly $4,700 to around $3,500. Now, though, the second-largest cryptocurrency trades around $4,200 after a 7.5% daily increase.
Binance Coin also fell hard, but a similar increase has driven it to above $570. Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) also see some daily gains.
Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). Consequently, LUNA even painted 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%), The Sandbox (12%), Helium (12%), and many more.
As such, the cryptocurrency market capitalization has recovered over $300 billion since yesterday’s low of $2 trillion.