Crypto Market Cap Recovers $ 200 Billion In One Day As Bitcoin Surpasses $ 44,000 (Market Watch)

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After yesterday’s unfavorable price movements, bitcoin finally rebounded by recovering several thousand dollars in one day. Most of the alternative parts also responded well with many double-digit price pumps from Solana, Polkadot, Avalanche, Terra, etc.

Bitcoin recovers $ 44,000

The start of this week has not gone well for the main cryptocurrency, which lost value on Monday after the Evergrande saga. In fact, bitcoin’s performance was quite similar to that of global stock markets, which also fell.

The pain was not over as BTC continued to lose ground in the following days. This culminated with yesterday’s price drop below $ 40,000, which became the lowest level since early August.

Since then, however, the bulls have returned to play. Bitcoin recovered $ 40,000 almost immediately and started to push north. Right now, the cryptocurrency is trading above $ 44,000, which means a price increase of $ 4,500 in about 24 hours.

Its market cap has once again exceeded $ 800 billion, but the dominance of alternatives has fallen below 42% as most of them are well in the green.

BTCUSD. Source: TradingViewAlts sees nothing but green

In the market-wide correction, the alternative parts suffered more than their leader. Now, however, almost all of them have outperformed BTC. Ethereum, for example, dropped to $ 2,650. As of this writing, the second largest crypto has rebounded quite well and is currently above $ 3,100.

Cardano has also fallen hard, but a 5.5% increase in the past 24 hours has taken the ADA to $ 2.25. Binance Coin, Ripple, Dogecoin, and Uniswap posted similar gains in one day.

Double-digit price increases are evident for larger cap alts Solana, Polkadot, Avalanche, Terra and ATOM.

Overview of the cryptocurrency market. Source: quantifying crypto

More wins come from Arweave, Tezos, Axie Infinity, IOST, Quant, Elrond, Celo, and more. As such, the crypto market cap has recovered $ 200 billion from yesterday’s low and is hovering around $ 2 trillion right now.

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TradingView cryptocurrency charts.

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