cryptovibes.com
The crypto market capitalization gained $300 billion since December 4’s low as Bitcoin aims to get above $50,000 and ETH has gained 7.5% in the last 24 hours. After the massive crash, BTC bounced off and added almost $8,000. Most of the altcoins are well in the green at the moment, with Ethereum back above $4,150 and Terra surging to record another all-time high.
Bitcoin Looks Up
The crypto sector is famous for its highly volatile price movements and December 4 was a major example of that. For example, Bitcoin traded near $58,000 after it was rejected at $59,000 several days in a row when the landscape changed abruptly.
This crypto plunged violently in the following hours to reach a daily low of $41,976 on Bitstamp, prompting most of the industry experts and analytics to speculate on the different possible reasons behind the $16,000 plunge.
Nonetheless, Bitcoin reacted somewhat positively hours later after touching the bottom around $42K. It bounced off to reach $47,000 at first and another leg up pushed it towards $50,000, it is currently consolidating above $48,000.
So far, Bitcoin has not managed to break above $50,000 but it is still up 4% on the day. Its market cap has risen again above $920 billion.
Altcoins Are In Green
Most of the altcoins suffered even more than Bitcoin on December 4. Ethereum went from around $4,700 to $3,500. But, the second-biggest crypto is trading around $4,150 after a 7.5% daily increase. Binance Coin also lost a lot although a similar increase has driven it to trade above $570.
Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) have also recorded some significant gains in the last 24 hours.
Something more impressive is that the recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). LUNA also painted a new all-time high earlier at around $80.
More daily increases are now evident from Decentraland (18%), Enjin Coin (17%), Livepeer (22%), Loopring (20%), Holo (16%), THORChain (15%), Elrond (20%), Quant (18%), The Sandbox (12%), Helium (12%), and many others.
Since yesterday’s low of $2 trillion, the crypto market cap has recovered over $300 billion at some point.