Crypto Market Cap Recovers $ 200 Billion In One Day As Bitcoin Recovers $ 50,000 (Market Watch)

After the latest price drops when BTC fell below $ 50,000, the cryptocurrency finally rebounded and recovered to that level. Alternative coins are also well in the green, with impressive increases in Ethereum, Cardano, Solana, Polkadot, Avalanche and many more.

Bitcoin above $ 51,000

The last few days have not gone well for the main cryptocurrency. As reported on Saturday, assets fell from $ 16,000 in a matter of hours to a low of $ 42,000 in two months.

He attempted to bounce back on Sunday with a pump towards $ 50,000, but the bears did not allow the price to jump above that level. The ensuing rejection drove him south to $ 47,000 once again.

However, the bulls have stepped up since then. As a result, bitcoin has kicked off an impressive breakthrough, fetching $ 50,000 and currently sits even above $ 51,000. This means that the asset has increased by over $ 4,000 since yesterday.

As a result, its market cap once again moved closer to the coveted $ 1,000 billion mark, while the alts dominance was further reduced to just over 40%.

BTCUSD. Source: TradingView

Altcoins in recovery mode

Alternative parts also suffered in the crash on Saturday and yesterday. Today, however, most have risen, due to Ethereum’s 10% increase. As such, ETH currently sits above $ 4,400. Just for reference, the second largest crypto fell to $ 3,500 on Saturday.

Binance Coin added 5.5% in value in one day and is hovering around $ 600. Even more gains are evident from Solana (11%), Cardano (12%), Polkadot (10.5%), Dogecoin (10%), Shiba Inu (11%) and Avalanche (18%).

Ripple (8.5%) and Terra (7.5%) are also in the green, with XRP surpassing $ 0.80 and LUNA near $ 70.

BitTorrent is the biggest winner (55%) on a daily basis after the project announced its launch date on the mainnet. Loopring (32%), Bitcoin SV (30%), Polygon (30%), Oasis Network (26%), Kadena (24%), Nexo (22%), Fantom (22%) and CRO (20%) are the next.

The cryptocurrency’s market cap added around $ 200 billion in one day and currently stands at $ 2.4 trillion.

Overview of the cryptocurrency market.  Source: quantifying crypto
Overview of the cryptocurrency market. Source: quantifying crypto

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Cryptocurrency Charts by TradingView.

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