Following several consecutive days of price falls, bitcoin reversed its trajectory and added a few thousand dollars. Most altcoins are also slightly in the green. Bitcoin Cash leads the way with a massive double-digit price surge.
Bitcoin Taps $41K
It’s safe to say that the past week or so didn’t go all that well for the primary cryptocurrency. It took a few swings at $47,000 at the start of the month, but the inability to decisively reclaim that level meant trouble.
The bears gained control over the market and pushed BTC south. Thus, the asset firstly fell to $45,000 before it dumped to $43,000. The landscape worsened in the past few days as bitcoin slipped below $40,000 for the first time in about a month.
Yesterday was a rather calm trading day, with BTC changing hands around $40,000 for most of it. However, the bulls reminded of their presence and drove bitcoin north hours ago. As a result, bitcoin spiked to its current level – just over $41,000.
Nevertheless, being more than 5% down weekly means that BTC’s market cap is still well below $800 billion.
BCH Leads the Altcoin Recovery
The alternative coins went through similar corrections lately. Now, though, most of the market shows the first signs of recovery.
Ethereum dropped below $3,000 for the first time in weeks two days ago but reacted well at that point and now stands above $3,100. Binance Coin dipped beneath $400 but now trades north of $420.
Ripple, Solana, Terra, Cardano, Avalanche, and Polkadot are also in the green now. Dogecoin and Shiba Inu are in the red, but SHIB marked substantial double-digit price surges yesterday, following a listing on Robinhood.
Bitcoin Cash is the most significant gainer from the mid-cap altcoins with a 13% increase. Consequently, BCH trades close to $350.
The crypto market cap is about $70 billion up from yesterday’s low, and has reclaimed the $1.9 trillion level.