Following days of depressing price action and a declining chop, the cryptocurrency market has finally managed to recover some of the losses. In the past 24 hours, the total capitalization increased by around $60 billion, as green is the predominant color.
At the time of this writing, Bitcoin’s price is trading at around $30,700 (on Binance), up 5.3% in the past 24 hours. As seen in the chart below, this happened following a few considerable hourly candles to the upside.
It’s also worth noting that despite the surge, BTC still closed the previous weekly candle in the red. This makes for nine consecutive red weekly candles – an unprecedented event in the cryptocurrency’s history. The current one, albeit in the green, will have to sustain the momentum to break the downward pattern.
The past day saw the entire market in the green, with altcoins charting notable increases. Ethereum is up 6.5%, whereas SOL is up by more than 8%.
From there, we have more considerable gainers such as Cardano (ADA), that’s up almost 12% – the same as Shiba Inu (SHIB). Uniswap’s UNI gained 11.42%, while EGLD is up a massive 16.66%.
All in all, the market is up a respectable $60 billion in the past 24 hours, which comes as a breath of fresh air following weeks of uncertainty and instability. Of course, most of the cryptocurrencies are currently trading towards the top of the mid-term range, and it’s important to be vigilant now more than ever.
Despite the slight recovery, the market remains in a state of extreme fear, and it appears that the sentiment is even worse than yesterday as it currently sits at 10 points.
