The crypto market has recovered more than $100 billion in a day with BTC standing at $36,000 and the alts with more impressive gains.
After the two consecutive days of price slides, bitcoin has reclaimed some ground and stands around $36,000. The altcoins have reacted even better with notable double-digit price gains from Terra, Avalanche, Shiba Inu, and many others.
Bitcoin Stands at $36K
The past few days didn’t go all that well for the primary cryptocurrency. It was just on Thursday when a sudden price pump drove the asset to a multi-day high at $43,500.
However, this is where it all went south. Bitcoin started to dump in value rapidly and slumped to $38,000 a day later. This became the lowest price point since early August.
While this was a steep correction of its own, the bears only tightened their grip on the market. As a result, BTC dropped by another $4,000 and dipped to around $34,000. This, on the other hand, became the lowest price point since late July.
Since then, though, BTC added around $2,000 and now stands at $36,000. Nevertheless, its market capitalization is still well below $700 billion
Altcoins With Impressive Recoveries
The altcoins suffered even more than BTC in the past few days with massive price drops. Now, though, most are well in the green on a daily scale.
Ethereum went down by roughly $1,000 in two days, bottoming at $2,300. Now, though, ETH has added more than $200 of value and sits above $2,500. More similar gains come from Ripple and Solana.
On the other hand, Binance Coin, Cardano, Polkadot, Dogecoin, and MATIC have recovered around 10% each. More gains come from Terra (20%), Avalanche (13%), and Shiba Inu (21%) on a daily scale. SHIB is up by approximately 40% since yesterday’s low, though.
Ultimately, the cryptocurrency market capitalization is up by $130 billion since yesterday’s low and is now at nearly $1.7 trillion.