Following the recent price drops to sub-$16,500 levels, Bitcoin has reacted positively and has gradually added over $2,000 of value. The alternative coins have also doubled-down on their recovery sessions, and the total market cap has expanded by another $30 billion in a day.
Thanksgiving didn’t provide many reasons for BTC bulls to be thankful for, as the cryptocurrency went on a vigorous price drop that resulted in the loss of over $3,000 in hours.
After bottoming at about $16,250, Bitcoin managed to recover some of its losses and traded around $17,000 for a few days. The situation changed during the weekend, as the primary cryptocurrency began gradually increasing in value.
Bitcoin firstly reclaimed the $17,000 price tag decisively before doing the same with $18,000. As of writing these lines, BTC has risen above $18,600.
From a technical viewpoint, Bitcoin’s next obstacles lie at the resistance lines situated at $18,800 and $19,440 before having a chance to head for a new yearly high.
On the other hand, the support levels at $18,240, $17,850, $17,715, and $17,150 could assist in case the trend reverses once again, and BTC heads south.
The alternative coins suffered the most during the Thanksgiving price drops. Similarly to Bitcoin, though, they have been mostly in the green for a few consecutive days now.
Ethereum bottomed at $485 on November 26th. However, the second-largest cryptocurrency by market cap has recovered most of its losses. After adding another 8% to its price in the past 24 hours, ETH has increased back to $585.
Ripple (3.5%), Bitcoin Cash (5%), Binance Coin (4%), Cardano (5.5%), and Litecoin (7%) are also well in the green.
Chainlink (9%) and Polkadot (11%) are the most impressive top ten gainers. LINK has exploded north of $14, while DOT has neared $5,50.
More double-digit gains are evident from lower and mid-cap altcoins. Aave leads with a 19% surge. Ampleforth (15%), Synthetix (14%), SushiSwap (13%), Yearn.Finance (11%), and Kusama (10%) are next.
Naturally, the aforementioned price developments have affected the total market cap. The cumulative market capitalization of all cryptocurrency assets has surged to $555 billion. This means an increase of $70 billion since November 26th.
