Bitcoin and Altcoins seem to be catching the pace and trying to make a comeback after the recent bloodbath in the crypto market. While Bitcoin price touched the $40,000 mark, other Coins too have recovered their losses with ETH above $2,700 and BNB nearing $400.
Since hitting a low of $1.450 trillion two days ago, the total value of all crypto assets has risen to $1.750 trillion.
Major cryptocurrency’s last few days have been anything but routine. Following a price correction last week in response to negative news from Tesla and China, the situation deteriorated on Wednesday, owing to too many leveraged positions.
After the worst dip ever, Bitcoin jumped over $10,000. It rebounded hours later after retesting support at $30K and hit over $40K. Despite this, the primary cryptocurrency has had a rough week, with its price falling by more than 20%.
Overall, bitcoin’s price is approaching a major stumbling block around $42,000. If BTC continues to fail, a decrease to $38,000 or even $36,500 is possible in the immediate future.
The majority of big altcoins have plummeted in value. ETH Price dropped by more than 20% and even fell below $2,500. The XRP/USD pair followed a similar trend, falling to $1.10.Furthermore, meme coins such as Dogecoin and Shiba INU are facing market wrath, with both coins falling by more than 21% and 32% in a day-chart, respectively. Bitcoin Cash plummeted below $300, and so on. However, most have regained a significant portion of their losses since then.
In the last 24 hours, Ethereum has risen 5% to just over $2,700. Binance Coin (8.5%) is approaching $400 once more. Cardano Price has risen 6% to $1.7, Dogecoin has risen 8% to $0.04, and Polkadot has risen 4% to $28.