The cryptocurrency market rallied over $100 billion in a day, with bitcoin hitting the $36,000 mark and altcoins posting more impressive gains.
The first cryptocurrency hits the $36,000 mark
After two straight days of massive price declines, bitcoin has regained ground and is worth around $36,000. Altcoins like Terra, Avalanche, Shiba Inu and many others fared even better, posting double-digit gains.
The last few days have turned out to be inglorious for the leading cryptocurrency. On Thursday, January 20, bitcoin lifted our spirits after a sudden surge in prices took the asset to a local multi-day high at $43,500.
But that’s when things went wrong. Bitcoin began to rapidly lose value, falling to $38,000 a day later. This is the lowest price since the beginning of August.
Although this is a strong correction, the bears have only tightened their grip on the market. As a result, bitcoin dropped another $4,000 to the level around $34,000. This is the lowest price since the end of July.
Since then, however, bitcoin has gained around $2,000 and is now worth $36,000. However, its market capitalization remains well below $700 billion.
Source: TradingView – BTC/USD
Impressive recovery in altcoins
Altcoins have suffered even more than bitcoin in recent days, losing their value significantly. However, most of them are now in the green zone on a daily scale.
Ether (ETH) dropped around $1,000 in two days, hitting its local high of $2,300. However, the second cryptocurrency in value has gained over $200 and is above $2,500. Ripple and Solana posted similar gains.
On the other hand, Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), Dogecoin (DOGE), and Polygon (MATIC) are down around 10% each. Terra (20%), Avalanche (13%) and Shiba Inu (21%) saw the biggest daily gains. However, the SHIB is up 40% from yesterday’s low.
Ultimately, the crypto market capitalization rose by $130 billion from its low yesterday and is now close to $1.7 trillion.
Source: quantify crypto
The months leading up to the current one have been particularly difficult for some digital assets whose prices have fallen. For investors, this is a problem, because no investment is profitable enough since the price of cryptocurrencies has fallen. The fact is, however, that for some people, this decline in value is a good thing.
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Jean Louis Lefevre
I am convinced that cryptocurrencies open new and extraordinary perspectives that I do not want to miss under any circumstances! I try to constantly enrich my skills in this area and share with you everything I learn with my followers and my hours spent exploring this universe.
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