Altcoins
Bitcoin Recovers Above $56K as Altcoins Also Rebound: Weekend Watch
It’s safe to say that the cryptocurrency market has been through some rough patches over the past couple of days, with prices plummeting to levels not seen since February.
It looks like the bulls are now attempting a comeback, or at least a slight recovery.
Bitcoin Price Soars Above $56,000
At the time of writing, BTC is trading above $56,000, up around 4% in the last 24 hours.
Earlier, the cryptocurrency had plunged to a 5-month low of $53,550, but the bulls managed to fight back and recover around $3,000 from the lows.
The correction came amid looming fears of increased selling pressure as Mt. Gox began repaying its creditors, as well as the German government continuing to liquidate BTC seized years ago in a high-profile case.
Altcoins also bounce back
Most altcoins are also attempting a recovery and have managed to bounce back from recent lows.
As seen in the heat map above, the market is completely in green. AVAX is up 12%, as are TON, DOGE and PEPE.
Shiba Inu (SHIB), the popular dog-themed meme coin, has managed to recover an incredible 15%.
Large-cap cryptocurrencies such as Ethereum, Binance Coin, Solana, Bitcoin Cash, MATIC, and others are seeing gains ranging between 4.5% and 10%.
All in all, it is obvious that the market is taking a breather, but it will be interesting to see if this situation will last throughout the week or if there is another wave of selling to come.
It is worth noting that many experts have called the recent correction normal and also recalled that in the past, drops of 30% have occurred all too often during bull markets.
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