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The crypto market on Tuesday turned bullish after a massive price correction over the weekend when leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) dipped in double digits, wiping millions from the crypto space. The market rebounded once BTC dropped as low as $49,000 and ETH fell to $2,111.
As per the data from CoinMarketCap, Bitcoin was up 4.85% in the past 24 hours while ETH was up 8.71%. The digital assets are trading at $55,344 and $2,490, at press time, respectively with a significant surge in buying volume in the past 24 hours. Meanwhile, the market capitalization of the total digital asset space rose 5.41% in the past 24 hours and is now close to the $2 trillion mark.
Altcoins Solana (SOL), Pepe (PEPE), and Jupiter (JUP) also turned bullish with SOL bouncing 19.96%, trading at $140 at the time of writing. Currently ranked as the fifth-largest digital asset in the market, SOL is up a substantial 512.66% since August 2023. SOL is also the sixth-largest cryptocurrency in the market in terms of trading volume, which stands at $11.5 billion, up 47.77% in 24 hours.
Leading meme coin, Pepe (PEPE) noted a massive surge of 16.43% in the past 24 hours and is currently trading at $0.057963, with a 64.94% surge in trading volume, which stands at $2.27 billion. On the other hand, the market cap of PEPE is $3.35 billion, making it the 25th-largest digital asset by market cap.
Finally, JUP rose 12.48% as well, and is priced at $0.8149 at the time of publication. With a 42.37% surge in the trading volume of the altcoin, JUP is ranked 57th in the crypto space with a massive market cap of $1.1 billion.
According to a Telegram post by Singapore-based digital asset trading firm QCP Capital, the crypto market price crash over the weekend was a result of aggressive ETH selling from Jump Trading and Paradigm VC. However, the CEO of Bitwise, Hunter Horsley, predicted that the crypto crash would result in the beginning of the crypto bull market in the near future.
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