Bitcoin Dipped to $31K Before Crypto Markets Recovered $100 Billion (Market Watch)

Bitcoin Dipped to $31K Before Crypto Markets Recovered $100 Billion (Market Watch)

News
June 9, 2021 by J.D. Smith
17
After the latest massive price slump to a multi-week low, bitcoin has bounced off and recovered over $3,000 of value. While most altcoins have failed to produce any significant gains, Solana spiked by double-digits and has neared the top ten. Bitcoin Recovers $3K After a few days of sideways trading in which BTC stood around

After the latest massive price slump to a multi-week low, bitcoin has bounced off and recovered over $3,000 of value. While most altcoins have failed to produce any significant gains, Solana spiked by double-digits and has neared the top ten.

Bitcoin Recovers $3K

After a few days of sideways trading in which BTC stood around $37,000, the infamous volatility made its mark once again. As reported yesterday, bitcoin slumped by a few thousand dollars to below $34,000, but it only continued south.

In the following hours, BTC dumped to around $31,000 (on Bitstamp). This became the lowest price tag the cryptocurrency had seen since the mid-May vicious crash when it dropped all the way down to $30,000.

At this point, though, the bulls stepped up and didn’t allow any further decreases. Just the opposite, BTC started to quickly regain value and has climbed back up by more than $3,000 since then. As of writing these lines, bitcoin stands at about $34,000.

Although its market capitalization is still well below $700 billion, its dominance has increased to almost 42% as most altcoins have failed to recover most losses.

Thanks for subscribing, you will get your first report in the next hours!

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SOL Nears Top 10 as Alts Stall

The alternative coins had it even worse during yesterday’s crash. Ethereum dumped to around $2,300, but it also bounced off rather quickly to about $2,500. Nevertheless, ETH has failed to increase any further since its initial recovery.

The situation with the rest of the top ten alts is quite similar. BNB went to $320, bounced to $360 but has calmed around $350 as of now.

On a 24-hour scale, Cardano, DOGE, XRP, DOT, and UNI are just slightly in the red. In contrast, SOL has spiked by more than 13% to $43. As a result, Solana has neared the top ten largest coins by market cap by surpassing BCH, LTC, and LINK.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Somewhat expectedly, the lower- and mid-cap altcoins have displayed more fluctuations in the past 24 hours. Bitcoin Gold (32%) has gained the most, followed by Theta Fuel (20%), Helium (18%), Kusama (13%), and Algorand (10%).

In contrast, ICP (-13%), Nexo (-10%), Celsius (-6%), and BakeryToken (-6%) have lost the most.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has recovered over $100 billion in a day to above $1.5 trillion.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.