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    Home » Market Updates » Bitcoin Reclaims $55K: 10% Recovery In 48 Hours (Weekend Watch)

    Bitcoin Reclaims $55K: 10% Recovery In 48 Hours (Weekend Watch)

    Author: Jordan Lyanchev

    Last Updated Mar 28, 2021 @ 08:22

    Bitcoin has added nearly $5,000 since its dip two days ago but its dominance is well below 60% as ETH and other altcoins have surged in value.

    After several days of price slumps, bitcoin has bounced off and neared the $55,000 level. Despite this increase, though, its market dominance has suffered as most altcoins have added more value in a day. Ethereum has jumped to $1,700, BNB is above $250 again, and Cardano has increased to $1.20.

    BTC Recovers to $55K

    The past several days didn’t go well for the primary cryptocurrency. Following a pro-BTC announcement from Elon Musk’s Tesla, the asset spiked to above $57,000. However, the situation sharply reversed, and bitcoin headed south vigorously.

    In the next 48 hours, the cryptocurrency lost roughly $7,000 of value and even scared the bulls that it could dip beneath $50,000 for the first time since early March.

    At that point, though, BTC reversed its trajectory and started slowly increasing and went to above $53,000. Although there were fears that the record-breaking $6 billion worth of options contracts that expired yesterday could plummet the price, they didn’t materialize.

    Just the opposite, BTC continued its gradual ascend, which drove it to an intraday high of $55,600 (on Bitstamp). Since then, the cryptocurrency has retraced slightly and currently stands just beneath the coveted $55,000 price tag.

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    What’s arguably more notable is that bitcoin’s market capitalization managed to reclaim $1 trillion after a few day hiatus below it.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Rising Alts Decrease BTC’s Dominance

    The altcoin market, which also suffered as its leader, has reacted well in the past 24 hours. Ethereum dropped to about $1,550 a few days ago but has bounced off nicely and currently stands around $1,700.

    Binance Coin (BNB – 3%) has increased above $250, Cardano (ADA – 5%) has jumped to $1,20, and Ripple (XRP – 2.5%) is at $0.55. Polkadot and Uniswap have gained the most from the top ten. DOT is up by 6% to above $32, while UNI (6.1%) has neared $29.

    THETA is the only top ten coin in the red after a 7% retracement on a 24 hours scale. Interestingly, the team behind the project said that it will delay the mainnet launch with a few months earlier this week.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

    Further gains are evident from Filecoin (40%), AscendEX Token (37%), Holo (32%), Nervos Network (21%), Ankr (20%), Voyager Token (20%), Arweave (19%), and more.

    The rising altcoins have managed to reduce BTC’s market capitalization to 59.4%. Just a few days ago, the metric comparing bitcoin’s market cap with all other crypto assets was above 62%.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price Bitcoin Dominance
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
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