The past 24 hours were quite turbulent throughout the cryptocurrency field, but this time around, bulls managed to catch a break and recovered some of the previous losses. The total market capitalization increased by about $120 billion since yesterday’s bottom as many coins managed to bounce back.
Bitcoin Price Bounces 10%
Right off the bat, it’s worth looking into Bitcoin’s price, which went on a massive roller coaster throughout the past 24 hours.
Yesterday, the cryptocurrency plunged in a vicious downwards spiral and ended up hitting a price slightly below $33K (on Binance). This was followed by the entire market. However, bulls stepped in and defended the level with multiple consecutive hourly candles, which ultimately led the price to reach $37,550.
At the time of this writing, Bitcoin’s price hovers around $36K, which is an estimated 10% increase since yesterday’s bottom. Whether or not this is some sort of a relief rally or the beginning of a recovery, we have yet to see.
Total Market Cap Gains $120 Billion
With the bounce in BTC came the overall market recovery as the total capitalization increased by about $120 billion throughout the past 24 hours.
This came on the back of considerable gains coming from leading altcoins such as Solana, which is up 9% in the past 24 hours, much like Polkadot (DOT).
As seen in the above heatmap, the majority of the market is in the green today, trying to patch the wounds from the past few days. Some of the more notable gainers include Fantom, which is up over 16%, ATOM – up 18%, and so forth.
On the other hand, there are cryptocurrencies like DASH, as well as CVX, which failed to chart any considerable increases and are slightly down or breakeven compared to 24 hours ago.
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Cryptocurrency charts by TradingView.