The Calm After the Storm: Bitcoin Price Reclaims $50K Following the Sharp Correction (Market Watch)
Following another day of enhanced volatility, BTC has reclaimed some of its recently lost value and currently trades around the $50,000 mark. Most alternative coins have also taken a breather, and the market cap has recovered more than $130 billion since yesterday’s low.
Bitcoin Eyes $50K Again
It’s safe to say that BTC has seen better days than its past 96 hours. The cryptocurrency had just painted a fresh ATH record at $58,400, but the bears didn’t allow any further increases and plummeted its price. In the following day or so, bitcoin lost more than $13,000 of value to a low beneath $45,000.
Yesterday seemed like a less violent day for the primary cryptocurrency at first as it briefly reclaimed the $50,000 price tag. However, the adverse price developments hadn’t ended yet, and the asset headed south again to about $47,000.
Since then, though, BTC has reclaimed some ground. It even spiked to $51,500 but has declined slightly and is currently sitting around $50,400.
According to the technical indicators, $50,000 is actually the first resistance line in BTC’s way up. If successfully conquered, the following ones are at $51,500 and $52,000.
Alternatively, the support lines at $48,000, $47,000, and $44,750 could assist in case of another sharp retracement.
Altcoins Attempt Recovery
Most alternative coins plummeted even worse than BTC during the latest correction. Ethereum went from its ATH at $2,040 to below $1,400. However, ETH has bounced off since its low and currently stands at $1,650.
Binance Coin also dipped hard to about $200 but has increased to $250 since then. Polkadot (1.5%) and Chainlink (2%) are also slightly in the green in the past 24 hours.
In contrast, Ripple (-7%), Litecoin (-5%), and Bitcoin Cash (-5%) have continued losing value.
More 24-hour gains are evident from Stacks (31%), THORChain (25%), Fantom (25%), UNUS SED LEO (22%), Solana (-17%), Compound (15%), Terra (12%), THETA (11%), and Aave (10%).
Consequently, the cumulative market capitalization of all cryptocurrency assets has also bounced off from yesterday’s low and has added about $130 billion to $1.51 trillion.
