The primary cryptocurrency continues its recovery by reaching $37,000. Bitcoin’s dominance over the market has also increased by a few percentages in days, even though the altcoins have also charted decent gains.
After failing to break above $37,000 a few days ago, BTC started to retrace heavily. In a matter of hours, it lost over $6,000 of value and bottomed at $31,000 – this became the lowest price tag in three weeks.
However, the bulls stepped up at that point and recovered a few thousand dollars, as reported yesterday. The situation has further improved in the past 24 hours, as bitcoin is up by another 8% to just shy of $37,000. Just a few hours ago, BTC reached a new five-day high of $37,600 but retraced slightly.
By increasing to this level, BTC’s market capitalization has neared $700 billion once again. Furthermore, the asset’s market dominance is up by 1% in a day and 2% in two days to 43%.
These positive developments may be a surprise to some extent as China took additional actions against the crypto industry yesterday. Nevertheless, El Salvador became the first country to rule in favor of making BTC a legal tender within its borders, which may have caused the price boost.
The alternative coins also suffered severely two days ago during the latest crash. However, similarly to their leader, they have recovered most losses.
Ethereum bottomed at $2,300 but has jumped by more than $200 since then and currently stands well above $2,500 now. Binance Coin dumped to $320 on Tuesday. Nevertheless, BNB increased to $380 but has calmed slightly above $360.
On a 24-hour scale, ADA, DOGE, XRP, UNI, and BCH have also marked minor gains. Polkadot has outperformed all larger-cap altcoins with an 11% surge to just shy of $24.
Further gains are evident from Kusama (16%), Qtum (11%), Monero (11%), Zcash (10%), and NEAR Protocol (10%).
The cumulative market cap has recovered another sizeable chunk of value and is currently above $1.6 trillion.
