After a few consecutive days of price dumps, bitcoin reversed its trajectory and added more than $2,000 in hours. Altcoins have also turned greedy today, led by impressive price bombs from Earth, Avalanche and Cardano.
Bitcoin hits $39K
The last few days have not been good for the biggest cryptocurrency, especially after missing the coveted $40,000 mark over the weekend. The picture only worsened in the following hours when BTC dropped to its lowest price position since early February at just over $36,000, as reported yesterday.
This came amid a growing number of bearish signals, as pointed out by Glassnode, including waning interest and demand from retail investors. In addition, the number of non-zero addresses has decreased by approximately 220,000 wallets.
However, BTC typically tends to defy the odds when leaning against the wall, and the last 24 hours have not disappointed. Instead of losing even more in value, bitcoin went on the offensive and rallied nearly $3,000.
As a result, the cryptocurrency hit $39,000 minutes ago. However, BTC is still down more than 10% on a weekly scale and its market capitalization has remained below $750 billion.
BCUSD. Source: TradingView
Altcoins see green today
Alternative currencies have suffered even more than bitcoin in recent days, but their more volatile nature has resulted in impressive rallying sessions today.
Ethereum is up over 6% on a daily scale and currently sits north of $2,700. Binance Coin added a similar percentage after yesterday's dump and is now at $380.
Ripple, Solana, Polkadot, Dogecoin and Shiba Inu also increased between 6% and 9% in one day.
Terra is the most impressive gainer of the largest cap alts after the announcement of raising $1 billion for Bitcoin UST stablecoin reserves. LUNA is up 15% since then and is now at nearly $60.
Avalanche (12%) and Cardano (10%) also rose double-digits to $80 and $0.93, respectively.
The cryptocurrency market cap is up around $100 billion since yesterday's low and now stands at $1.750 trillion.
Cryptocurrency market overview. Source: Quantify Crypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.