Crypto Market Cap Recovers $600B in Three Days as Bitcoin Tops $40,000 (Market Watch)
It has taken bitcoin five days to recover the most recent losses and jump above $40,000. Most altcoins are well in the green, too, with Ethereum reaching $2,900 and BNB nearing $400.
Bitcoin Tops $40K
The primary cryptocurrency experienced numerous corrections in the past few weeks. The latest started on Friday following more FUD from China. In a matter of hours, bitcoin fell from $42,000 to a daily low of $34,000.
The situation worsened during the weekend, and BTC slumped to $31,000 on Sunday evening. However, the bulls took charge at that point and reversed the trajectory.
Bitcoin started to increase in value gradually and added several thousand dollars in a few days, as reported. In the past 24 hours alone, BTC went even further and jumped above $40,000 for the first time since Friday.
As of writing these lines, the cryptocurrency stands at just over $40,000, and its market capitalization is above $750 billion.
ETH Eyes $3K as BNB Nears $400
The alternative coins mimicked BTC on the way down, but they reacted positively after the lows as well. Ethereum slumped to $1,700 on Sunday but has recovered more than $1,100 since then. In the past 24 hours alone, ETH is up by 7% to over $2,800.
BNB dumped to a low of just over $200. It has surged by nearly 100% since then and currently stands at $380.
Cardano also fell hard, but ADA has resumed its 2021 bull run by an 8% surge since yesterday. As a result, the asset currently trades at $1.8.
Ripple (2.5%), Polkadot (6%), Bitcoin Cash (4%), Uniswap (8%), Chainlink (17%), and Polygon (22%) are also well in the green on a 24-hour scale.
More gains come from lower- and mid-cap altcoins. Holo leads with a 35% surge, followed by Telcoin (30%), Terra (29%), SwissBorg (26%), THORChain (25%), Celo (25%), OMG Network (22%), SushiSwap (21%), Flow (20%), and more.
The crypto market cap has increased to $1.8 trillion. This means that the metric is up by $150 billion in a day and nearly $600 billion since Sunday’s low.Source