Bitcoin has bounced off from yesterday’s massive nosedive and has recovered about $6,000 of value. Most alternative coins have followed along with ETH above $2,200 and BNB north of $530, and the crypto market cap has added roughly $200 billion since yesterday’s low.
It seemed that everything was going in bitcoin’s way last week after the asset finally reconquered $60,000 and went even further to a new all-time high of $65,000. However, the cryptocurrency started to retrace slightly on Friday and the situation intensified on Saturday.
As CryptoPotato reported, BTC headed south vigorously and lost approximately $9,000 of its dollar value in matter of hours. While the community still debates the possible reasons, the fact is that bitcoin slumped to a 3-week low and its market capitalization plummeted beneath $1 trillion.
After dumping to $51,500 (on Bitstamp), though, the primary cryptocurrency bounced off. In the following day or so, BTC has regained nearly $6,000 and currently sits above $57,000.
It’s worth noting that BTC investors have taken the adverse price developments somewhat positively. Santiment data shows a significant number of comments saying “buy the dip” during the crash and “bought the dip” upon market recovery the following day.
Somewhat expectedly, most alternative coins had it even worse during the market dump. Ethereum lost more than $400 in hours but has bounced off rather well and currently stands above $2,250.
Binance Coin also plummeted to a low of $440. However, BNB is more than $90 up since then to a price line of over $530. Ripple (11%), Cardano (6.5%), Polkadot (3.6%), Uniswap (3.5%), Litecoin (4.5%), Chainlink (15%), and Dogecoin (16%) are also well in the green.
More gains on a 24-hour scale are evident from Pundi X (51%), Neo (43%), Qtum (35%), KuCoin Token (27%), DigiByte (27%), Helium (25%), Solana (23%), VeChain (21%), Ontology (20%), IOTA (20%), and more.
Ultimately, the cumulative market capitalization has regained roughly $200 billion since yesterday’s low and is close to $2.1 trillion now.
