Recovery: Bitcoin Reclaims $20K, ETH Regains 10% (Market Watch)

The past 24 hours took a turn for the better as, the broader cryptocurrency market added over $50 billion to its total capitalization and reclaimed the coveted $1 trillion level. This comes on the back of Bitcoin reclaiming $20K and Ethereum pushing for $1.6K at the time of this writing.

Bitcoin Price Bouncing Back

Yesterday, the BTC price slipped towards $19,500, where it seems to have marked some sort of a local bottom as that’s where the bulls took more definitive steps to protect the cryptocurrency from further downside.

Since then, bitcoin’s price recovered by almost $1,000, and it’s currently trading above $20,400.

img1_btc_chart — Source: Binance via TradingView

That said, Bitcoin’s dominance, the metric that gauges its share relative to that of the entire market, has declined by about $0.3% in the past 24 hours. While this is not such a significant difference, it shows that altcoins performed better in their recovery.

Altcoins Popping Off

Following days of depressing declines, altcoins are finally seeing some green. Ethereum is up by a whopping 10% since this time yesterday, and it’s currently testing the resistance at the pivotal $1,600 level. The cryptocurrency is still down 1.7% in the past seven days, but the latest recovery is notable.

img1_crypto_heatmap — Source: Quantify Crypto

As seen in the heatmap above, the entire market is painted green. Besides ETH, AVAX skyrocket by a whopping 13.54% daily, recovering a lot of what it lost during the previous few days.

ADA is up 5%, XRP is up 3.5%, while Solana increased by a more considerable 8%. Lido is the cryptocurrency that gained the most over the past 24 hours (17%) followed closely by Synthetix Network’s SNX, that’s up 14%.

On the other hand, Celsius Network’s native cryptocurrency failed to capitalize on the move and is down by 7.3% in the past 24 hours.

The bounce did well to improve the overall market sentiment, which moved up in the “fear” territory. It was previously in a state of “extreme fear.”

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