After several consecutive days of freefalls and new multi-yearly lows, bitcoin finally bounced off and jumped to and beyond $20,000. The altcoins have also turned green today, with ETH spiking by double digits to north of $1,000.
BTC hits $20,000
The past week has not gone very well for the main cryptocurrency, which has fallen from above $30,000 to below $20,000 during this period. Last weekend was particularly harmful, as BTC fell below the all-time high of 2017 and continued to plunge to new lows.
This culminated in a price dump towards $17,500 on Sunday morning, resulting in over $600 million worth of liquidations from over-leveraged traders.
However, the asset reacted well to this massive correction and new 18-month low. It started to recover ground in the following hours and is currently sitting at just over $20,000, which means it has made close to $3,000.
As a result, its market capitalization has neared $400 billion, and its dominance over the alts is above 43%.
Altcoins See Green, ETH Explodes
Alternative coins have suffered just as much as bitcoin in recent days, but the landscape has changed, at least for now.
Ethereum had lost more than 50% of its value in about a week at one point as it went to $900 for the first time in over a year. Now, though, ETH is among the most substantial daily gainers and has soared by 16% to just over $1,100.
BNB fell below $200 over the weekend, but a 9% daily rise pushed it to $210 at the time of this writing.
Solana is another double-digit gainer from the larger-cap alts (15%) and has reclaimed $30.
Although showing more modest increases, ADA, XRP, DOT, DOGE, LEO and SHIB are also well in the green on a 24-hour scale.
Even more gains come from Synthetix (80%), Maker (26%), STEPN (24%), BAT (24%), Aave (22%), EGLD (22%), and many others.
Therefore, the cumulative market capitalization of all crypto assets fetched $60 billion in one day and is close to $900 billion.
