As an experienced crypto investor who has weathered several market cycles, I must admit that the past few days have been quite the rollercoaster ride. The sudden dip in Bitcoin‘s price after such a promising start to the week had me wondering if we were witnessing the beginning of another bear market. But alas, it seems we are just experiencing a much-needed correction.
Following several straight days of falling prices, Bitcoin’s trend has now turned upward. Earlier today, the asset broke through $99,000.
After the widespread market downturn, several altcoins have rebounded significantly, showing gains of more than ten percent on a day-to-day basis.
BTC Begins Recovery Mode
The first part of the week saw a strong upward trend for the leading cryptocurrency, with its price climbing from approximately $101,000 to more than $108,000 on Tuesday, hitting a new peak. Many in the community anticipated further growth, especially after the US announced a rate cut on Wednesday, but things took an unexpected turn instead.
Initially, instead of pushing northward, Bitcoin unexpectedly reversed course sharply. It initially fell below the $100,000 level, which was just the beginning of its descent. The bears continued to exert pressure, and eventually, on Friday, the cryptocurrency reached a three-week low of $92,000, leading some to question whether this was a typical correction or the end of the bull market’s upward trend.
To date, it appears that Bitcoin has been following the upward trend. Notably, after a significant drop, it rebounded quite strongly. Earlier today, its value even peaked above $99,000 before settling at approximately $98,500.
The market capitalization has bounced back to an impressive $1.950 trillion, and it maintains a commanding 54.6% control over the alternatives, according to CoinGecko.
Altcoins Finally See Green
During the recent market-wide downturn, alternative cryptocurrencies took a harder hit than Bitcoin, as anticipated. However, they’ve shown signs of recovery on a day-to-day basis following last week’s massive selloff. For instance, Ethereum dropped to $3,300 but has since moved up close to $3,500 after a 6% daily growth spurt. Similarly, XRP fell below the $2 mark on Friday but has now climbed back above $2.3.
Yesterday’s growth for BNB, SOL, TRX, and HBAR was approximately 5-6%. However, even more significant price surges were observed in coins such as DOGE, ADA, AVAX, LINK, SHIB, TON, DOT, and numerous others. These cryptocurrencies have experienced growth in the double digits.
Yesterday, I observed that the cumulative market capitalization of cryptocurrencies dipped below $3.4 trillion, but today, it’s surpassed that figure and stands at over $3.550 trillion.
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2024-12-21 13:10