After a few days of depressing price action, the bulls appear to be finally back in town. The cryptocurrency market added almost $70 billion to its total capitalization over the past 24 hours.
This happened on the back of Bitcoin charting a notable recovery in the past 24 hours, bouncing up to $63,000, so let’s have a look.
Bitcoin’s Price Stages a Recovery
Just a couple of days ago, Bitcoin tumbled below $60,000 and even briefly dipped below $59,000.
Fortunately, the bulls were very quick to recover and managed to stage an impressive rally, which peaked at around $63,400 earlier today. The price has since retraced a bit to where it currently trades, but BTC booked a 3.4% increase throughout the past 24 hours nonetheless.
It’s worth noting that Bitcoin has performed comparatively better than the other top 10 cryptocurrencies by market capitalization.
The total crypto market saw around $120 million worth of liquidated leveraged positions, the majority of which were short. The broader sentiment has also improved a lot compared to yesterday, and it’s currently neutral, up 17 points on the day.
Altcoins in a Sea of Green
As you can see in the heatmap below, altcoins are having a field day and all of them are trading in the green.
Some of the larger ones, such as ETH, BNB, SOL, XRP, DOGE, TRX, TONCOIN, and ADA, are all charting marginal gains in the range between 0.5% and 3%. Notably, Bitcoin’s price has managed to outperform all of them, as mentioned above.
That said, one of the best performers today is NEIRO on ETH – a viral meme coin that boasts one of the most vibrant online communities. It managed to explode by more than 40% in the past 24 hours.
All in all, WhiteBIT Coin (WBT) is the second-best performer from the top 100 (after NEIRO) and it’s up by almost 30%, followed by Ethenea (ENA) which increased by 25%.
On the other end of the spectrum, Uniswap (UN) is down 2% on the day. It’s worth noting, though, that UNI increased by 17% throughout the past week.