Crypto Market (Watch) in Recovery: BTC Price Surges to $56K, SOL, SHIB Experience 24% Daily Growth
After undergoing a significant crash, bitcoin’s price has made a rebound, recovering over six thousand dollars in the past 18 hours. Following suit, alternative coins have also experienced impressive gains today, resulting in the total crypto market cap growing by over $200 billion since reaching its low point yesterday.
BTC on the Rebound
The recent events in the crypto market have been quite unexpected, especially considering the surge to $70,000 just last Monday. However, the focus will be on the events that unfolded from Friday until now.
After a weak jobs report and controversial actions from Japan’s central bank, BTC plummeted from $66,000 to $62,200 on Friday, along with Wall Street and other risk-on assets. The weekend brought even further losses, with the cryptocurrency dropping to $57,000 by Sunday.
However, the decline didn’t stop there. On Monday alone, BTC experienced a double-digit slump and fell below $50,000 for the first time since mid-February. This significant correction led to over $1.2 billion in liquidated positions, as concerns arose about a potential drop to $40,000.
Fortunately, the bulls stepped up and prevented any further losses. Instead, bitcoin began to regain ground and is currently sitting at $56,000, marking a 10% increase for the day. Its market cap has also surpassed $1.1 trillion, while its dominance has slightly decreased to 53.2% on CG.
Alts Enjoy Double-Digit Recovery
With their inherent volatility, altcoins suffered greatly during the recent market downturn. However, they have bounced back with impressive daily gains.
Solana’s native token, SOL, leads the pack among larger-cap altcoins, experiencing a 24% surge to $142. Similarly, Shiba Inu (SHIB) has seen a substantial jump, reaching $0.000014. Other notable gains include ETH (13%), BNB (17%), XRP (15%), DOGE (17%), ADA (16%), and more.
Overall, the cumulative market cap of all crypto assets has increased by over $200 billion since reaching its low point yesterday. As a result, the metric has risen to $2.070 trillion on CG.