BTC rebounded 10% from yesterday’s bottom as the markets gain $120 billion with many other altcoins bouncing as well so let’s read further in today’s Bitcoin news.
The past 24 hours were quite turbulent for the crypto market but this time around, the bulls managed to catch a break and recover some of the losses. The total market cap increased by $120 billion and BTC rebounded 10% from yesterday’s bottom with other altcoins bouncing back. Right off the bat, it is worth looking into the BTC price which went on a huge roller coaster in the past 24 hours.
The cryptocurrency dropped in a major downwards spiral and ended up reaching a price below $33,000 on Binance which was followed by the entire market. However, the bulls stepped up and defended the level with other consecutive hourly candles that led the price to reach $37,550. At the time of writing, Bitcoin’s price hovers around $36,000 which is a 10% increase since yesterday’s bottom, and whether or not this is a relief rally or a start of the recovery, we have yet to see.
With the bounce in BTC coming as the market recovery with the total capitalization increasing by $120 billion in the past 24 hours. This came on the back of considerable gains coming from altcoins like Solana which is up 9% in the past 24 hours and much like Polkadot’s DOT. The majority market is in the green today and it is trying to patch the wounds from the past few days some of the more notable gainers include Fantom which is up 16% and ATOM which is up 18%. on the other hand, there are cryptocurrencies like DASH and CVX that failed to chart some considerable gains and are down compared to 24 hours ago.
As recently reported, Bitcoin reentered a key price zone that signaled the start of an end of the bear phases. Charles Edwards who is the founder of crypto investment firm Capriole flagged the BTC network value to transaction ratiometric as it delivered a new oversold signal. Bitcoin’s price losses accelerated over the weekend with the market not being far off the retest of a seminal $30,000 mark before Monday’s Wall street open. For the on-chain analyst, there are a lot of reasons to believe the extent of losses seen is more of a market overreaction rather than a simple tase of things to come.
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