TL;DR
- Bitcoin shoots up close to $92,000, recovering from its lowest point in seven months (below $81,000).
- The total crypto market capitalization soars, adding over $130 billion in 24 hours and surpassing $3.2 trillion.
- Key altcoins like Ethereum ($3,000) and XRP ($2.20) accompany the rally, registering daily gains of between 3% and 6.5%.
After days of extreme volatility, with an implicit correction, Bitcoin shows signs of recovery. After trading below the $90,000 mark, and even touching $81,000, the pioneer crypto gains momentum and returns to its upward drive, shooting up to nearly reach its new weekly high of $92,000.
Last week, the most severe correction for the asset was reported when its price dropped below $81,000, driven by the selling pressure that developed last Friday. This was Bitcoin’s lowest price in the last seven months, which meant a loss of more than $25,000 in just ten days. However, the bulls intervened to prevent a drop below $80,000.
The initial rebound boosted Bitcoin up to $84,000 over the weekend, and the climb intensified at the start of the new trading week. Although resistance was found at the $88,000 and $89,000 levels, the decisive breakthrough occurred in the last few hours, finally catapulting the price beyond the coveted $90,000. The impact has been felt: the crypto market adds $130 billion in value.
Generalized Rises: Altcoin Performance and Total Capitalization
Bitcoin’s momentary recovery is not an isolated event. Most altcoins are also following the upward trend, although few have managed to outperform BTC’s gains in the last 24 hours. For example, Ethereum (ETH) jumped more than 4% to settle above $3,000. XRP is trading back at $2.20, while major assets such as BNB, SOL, HYPE, LINK, and ADA register daily increases of between 3% and 4%.
Among the highest-cap assets, AVAX and MNT stand out as the best performers, with rises exceeding 6.5% each. In the realm of smaller altcoins, KAS shot up 21%, followed by FLR (11%) and SKY (10%).
Overall, the crypto market adds $130 billion to its total capitalization in a single day, recovering the $3.2 trillion mark, according to market capitalization data. This generalized movement underscores the renewed optimism and rally momentum among traders after the recent sell-off.
