Bitcoin Jumps Above $66,000, Ethereum Rises 5% Following Weekend Massacre (Market Watch)

Bitcoin had one of its worst weekends in a long time but has managed to recover some ground and now trades at just over $66,000.

Most altcoins plummeted even harder but have begun their recovery now. SOL, TON, ETH, UNI, MATIC, and BCH are among the top performers.

BTC Rebound Starts

A lot can and has been said about what transpired in the past 72 hours or so. Bitcoin was relatively calm on Friday morning, in a tight range between $70,000 and $71,000. Then came the latest Fed statements from a few branch Presidents claiming that the central bank has no intentions to reduce the interest rates anytime soon.

Bitcoin, as well as most markets, reacted immediately. The cryptocurrency plunged by about six grand and fell to $65,000. It recovered some ground on Saturday and stood above $67,000, but then the tension between Iran and Israel escalated quickly as the former launched an attack against the latter.

Another massive leg down followed that drove BTC south to its lowest point in several weeks of $61,000. The asset faced more volatility on Sunday, leaving hundreds of millions of dollars in liquidations.

The start of the current business week has been more positive amid promising news coming from Hong Kong. Bitcoin now trades above $66,000, being up by 2.5% in the past 24 hours.

Its market capitalization has risen above $1.3 trillion, while its dominance over the alts has declined to 51.3%.

BTCUSD. Source: TradingView

Alts Turn Green, too

The alternative coins suffered even more during the weekend, but the landscape is more favorable now. The second-largest digital asset dropped below $3,000 during the Saturday crash but has jumped to $3,250 as of now, following a 5% daily increase.

More impressive gains come from the likes of Toncoin (10%), Bitcoin Cash (12%), Solana (7%), Uniswap (8%), MATIC (7%), and others.

The total crypto market cap has recovered nearly $200 billion since the low on Saturday and is up to $2.540 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

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.

Source link

About The Author