After blooded 48 hours, steep recovery returns to crypto market

crypto market, After blooded 48 hours, steep recovery returns to crypto market
Correction begins in crypto market over the past 24 hours

Key Takeaways

  • Crypto market begins slight recovery after two-day loss.
  • Bitcoin back above $35,000.
  • Altcoins see more gains during correction.

LAGOS (CoinChapter.Com) – The crypto market has taken a little breathing space away from the wild crash it faced over the past 48 hours. Currently, the market has recovered more than $100 billion in a day, with Bitcoin (BTC) standing at $36,000 and altcoins seeing more impressive gains.

BTC’s fortunes quickly reversed on Thursday from struggling at $43,000 to battling to hold up at $35,000 on Saturday. Altcoins had it worse during that time. However, things are looking to change in the market now, especially with altcoins. They have reacted even better with notable double-digit price gains from Terra, Avalanche, Shiba Inu, and many others.

Bitcoin begin recovery, conquers $35,000 resistance

The main thing crypto investors can celebrate with BTC over the past 24 hours is that it managed to cross the $35,000 resistance. They can also hope it doesn’t go lower than that level anymore.

At the time of writing, Bitcoin trades at $35,554, having previously hit $36,000 earlier today. These price levels are still low compared to what the number one cryptocurrency traded for as at Thursday, at $43,500.

However, having dropped as low as $34,000 on Saturday and now settles above $35,000 on Sunday, BTC may be leading another massive correction the market would experience over the week.

crypto market, After blooded 48 hours, steep recovery returns to crypto market
BTC price correction begins after red 48 hours. Credit: CoinMarketCap.com

Nevertheless, its market capitalization is still well below $700 billion.

Altcoins reacts better in crypto market, records double-digit surge

The altcoins suffered even more than BTC in the past few days with massive price drops. Now, most are well in the green on a daily scale with double-digit profits.

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.

crypto market, After blooded 48 hours, steep recovery returns to crypto market
Overview of prices in crypto market as steep correction set in. Credit: QuantifyCrypto.com

Ultimately, the cryptocurrency market capitalization is up by $130 billion since yesterday’s low and is now at nearly $1.7 trillion.

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crypto market, After blooded 48 hours, steep recovery returns to crypto market

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