Bitcoin Eyes $60K Again After Dipping to $58K: Ethereum Above $4000 (Market Watch)

Bitcoin Eyes $60K Again After Dipping to $58K: Ethereum Above $4000 (Market Watch)

News
October 28, 2021 by J.D. Smith
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Following yesterday’s massive price drops, bitcoin has bounced off and recovered over $1,000. Most altcoins are also slightly in the green today, with Dogecoin outperforming the rest with a substantial double-digit price surge. Bitcoin in Green But Still Below $60K The price of bitcoin was gradually heading south following the all-time high reached last week.

Following yesterday’s massive price drops, bitcoin has bounced off and recovered over $1,000. Most altcoins are also slightly in the green today, with Dogecoin outperforming the rest with a substantial double-digit price surge.

Bitcoin in Green But Still Below $60K

The price of bitcoin was gradually heading south following the all-time high reached last week. It failed to continue above $67,000 and lost $7,000 in just a few days.

The asset managed to recover some ground and neared $64,000 earlier this week, but it was stopped once more. This time, the bears took complete control and pushed BTC south hard.

In a matter of hours, the cryptocurrency lost more than $5,000 of value. As such, it dipped to $58,000, which became the lowest price point in two weeks.

BTC initially struggled to recover but has spiked by $1,500 in the past few hours and is close to $60,000 once again. Consequently, the asset’s market capitalization has reclaimed $1.1 trillion, but the dominance over the altcoins is down to 44.5% after touching 47% days ago.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins’ Recovery Attempts

The alternative coins also plummeted hard yesterday. Ethereum went as low as $3,900 but has bounced off and has jumped above $4,000 as of writing these lines.

Cardano, Polkadot, Terra, Avalanche, and Chainlink have charted minor gains, while Binance Coin (4%), Solana (2.5%), and Ripple (3.5%) have added a bit more.

Dogecoin is the most substantial gainer from the top 10 coins. The meme token is up by 32% on a 24-hour scale and trades at a near two-month high above $0.31. As such, DOGE has managed to reclaim its spot as the 9th largest cryptocurrency by market cap just hours after the self-described Dogecoin-killer – Shiba Inu – took it.

Further gains are evident from Secret (20%), Fantom (18%), Curve DAO Token (15%), Harmony (13%), Polygon (12%), Helium (12%), Enjin Coin (12%), Waves (10%), and more.

The cryptocurrency market capitalization has added more than $100 billion since yesterday’s bottom and is above $2.5 trillion as of now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.