Bitcoin has experienced a significant price recovery recently, with the asset surpassing $60,000 and nearing $63,000 for the first time since the weekend. This comes after a market-wide crash that took place at the end of last week and into Monday, causing BTC’s price to drop from over $66,000 to a 6-month low of $49,500 within a few days. However, the asset quickly started to recover, jumping to $53,000 on Tuesday and climbing to over $57,000 by Wednesday. Despite a minor retracement on Thursday, bitcoin surged once again, reaching over $60,000 and peaking near $63,000.
Ethereum Leads the Altcoin Pack
While bitcoin’s price recovery is impressive, Ethereum has taken the lead among altcoins with a notable 10% surge. ETH was one of the poorest performers during the recent crash, coming close to breaking below $2,000. However, in the past 24 hours alone, Ethereum has gained more than 10% in value and now trades comfortably above $2,600. Other notable gainers from the larger-cap altcoins include DOGE, SHIB, and AVAX.
Market Dynamics
Following the $125 million fine imposed on Ripple by a US judge in its legal battle against the SEC, XRP experienced a massive surge but has since retraced slightly. Despite this, most larger- and mid-cap altcoins are in the green, contributing to the total market cap rising to $2.234 trillion on CoinGecko. Bitcoin’s market capitalization has also reclaimed the $1.2 trillion level, with its dominance over altcoins rising to 53.9%.
The cryptocurrency market has shown resilience in the face of recent volatility, with Bitcoin and altcoins staging notable recoveries after a market-wide crash. Ethereum, in particular, has led the altcoin surge with a significant price increase. The overall positive market dynamics have resulted in a rise in the total cryptocurrency market cap, indicating renewed investor interest and confidence in the digital asset space.
