After many days of bloodshed, bitcoin finally started an impressive climb, leading to a $6,000 green daily candles. Many altcoins joined the party, with huge price increases from Polkadot and Avalanche.
Bitcoin Taps $30K
Ten days ago, it was clear that the cryptocurrency market is volatile. Bitcoin was at $40,000 as of May 5. The community anticipates another price increase.
But the truth was much more brutal and violent. BTC was first devalued by $4,000 within hours, before falling below $34,000 a few days later. This multi-week low was marked by bitcoin’s continued decline in value. Bitcoin fell below $34,000 on May 10th, the first time it had fallen below $30,000 since July last year.
Although the cryptocurrency bounced back initially, it was again pushed south by the predominant bearish sentiment in the market. This culminated yesterday with a vigorous price drop to $25,300 – the lowest position BTC has been in since December 2020.
The bulls reaffirmed their presence at that point. They reacted quickly and drove bitcoin higher. The bitcoin price soared to $31,000 intraday, a jump of around $6,000
Although the price of Bitcoin has fallen slightly, it still exceeds the $30,000 mark. Its market capitalization is now close to $600 billion.
AVAX, ADA and DOT lead the Alt Recovery
While alternative coins suffered more during the correction, the market has since turned green.
Ethereum lost $1,800 yesterday, but was above $1,900 most of the day. After a 7% daily gain, ETH is now well above $2,000
Binance Coin, which was also dumped hard, now trades for around $300 due to a 17% gain. Ripple, Solana and Dogecoin also show similar price rises.
Cardano and Polkadot, Avalanche and Shiba inu have posted even greater daily gains. ADA is up 28% and trades at $0.6, DOT is $10 (26% down), AVAX is at $10 (26% more), and SHIB (23%) at $0.000013.
Terra has fallen by another 99 percent in the last 24 hours, and is now below $0.0004.
Nevertheless, the crypto market cap has recovered $150 billion since yesterday’s low and is now at $1.3 trillion.