Crypto Market Cap Recovers $200B in a Day as Bitcoin Reclaims $50K (Market Watch)

cropped potato fav2 32x32 1

Following the latest price declines when BTC dumped below $50,000, the cryptocurrency finally bounced off and reclaimed that level. The alternative coins are also well in the green, with impressive increases from Ethereum, Cardano, Solana, Polkadot, Avalanche, and many more.

Bitcoin Above $51K

The past several days didn’t go well for the primary cryptocurrency. As reported on Saturday, the asset plummeted by $16,000 in a matter of hours to a two-month low of $42,000.

It tried to recover on Sunday with a pump towards $50,000, but the bears didn’t allow a price jump over that level. The subsequent rejection drove it south to $47,000 once more.

However, the bulls have stepped up since then. As a result, bitcoin initiated an impressive leg up, reclaimed $50,000, and currently stands even above $51,000. This means that the asset is up by more than $4,000 since yesterday.

Consequently, its market capitalization has neared the coveted $1 trillion mark once more, while the dominance over the alts has further been reduced to just over 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Recovery Mode

The alternative coins also suffered during the crash on Saturday and yesterday. Today, though, most have surged, led by Ethereum’s 10% increase. As such, ETH currently sits above $4,400. Just for reference, the second-largest crypto dumped to $3,500 on Saturday.

Binance Coin has added 5.5% of value in a day and is close to $600. Even more gains are evident from Solana (11%), Cardano (12%), Polkadot (10.5%), Dogecoin (10%), Shiba Inu (11%), and Avalanche (18%).

Ripple (8.5%) and Terra (7.5%) are also in the green, with XRP standing above $0.80 and LUNA close to $70.

BitTorrent is the most significant gainer (55%) on a daily scale after the project announced the date for its mainnet launch. Loopring (32%), Bitcoin SV (30%), Polygon (30%), Oasis Network (26%), Kadena (24%), Nexo (22%), Fantom (22%), and CRO (20%) are next.

The cryptocurrency market cap has added roughly $200 billion in a day and sits at $2.4 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.