After falling to $54,000 again, Bitcoin began to rebound and increased its value by $2,000. Driven by the 9% surge of Binance Coin to $275, some altcoins have experienced even more impressive gains in the past 24 hours.
BTC recovers $56K
After the price plummeted during the week (when it fell from more than $57,000 to a three-week low of more than $50,000), the value of Bitcoin has been gradually increasing.
There is even concern that the record-breaking $6 billion option contract that expires on Friday will increase volatility and the price may plummet, which has not shaken the first ever cryptocurrency.
Instead, BTC continued to rise, resulting in overcoming the $55,000 reported yesterday. However, the bears were imminent and applied some pressure, which led to another drop to $54,000.
However, this was short-lived, as the major cryptocurrencies have rebounded since then. In the next few hours, Bitcoin jumped to an intraday high of $56,500. It has now retraced a few hundred dollars, but it is still higher than 56,000 dollars.
Interestingly, Santiment data shows that overall weighted social sentiment still indicates that Bitcoin and Ethereum are in a bearish zone. However, the analyst firm said that prices are usually “contrary to crowd expectations,” which may mean that the two largest digital assets are about to increase in price.
Bitcoin and Ethereum social sentiment vs. price. Source: Santiment
ETH recovers $1,700: BNB rises by 9%
As mentioned above, although the community may expect a short-term price drop in Ethereum, the cryptocurrency has actually increased slightly since yesterday. As a result, Ethereum rebounded to over $1,700. A few days ago, assets fell to about $1,550.
Litecoin (1%) and THETA (5%) also rose from the top ten to US$185 and US$13, respectively. Binance Coin is the best performer among the large altcoins, with an increase of 9%. Therefore, BNB has risen to US$275 after falling to US$225 on Thursday.
Cardano (ADA), Polkadot (DOT), Ripple (XRP) and Uniswap (UNI) basically stagnated within 24 hours.
An overview of the cryptocurrency market. Source: Quantitative cryptocurrency
As expected, the volatility of mid-to-low-end altcoins is greater. HedgeTrade entered the top 100 tokens by market capitalization after rising 50% in one day to $2.1.
Since yesterday, Storj has risen by 48%, and within a week it has risen by as much as 270%.
Next are Ankr (39%), Helium (25%), PancakeSwap (22%), ICON (21%), Ontology (14%), Solana (12%) and Curve DAO tokens (11%).
In the end, the rising market value of all cryptocurrency assets increased by $60 billion in one day, reaching $1.770 trillion. This also means that the indicator has increased by $170 billion in four days.
