Crypto Market (Watch) in Recovery: BTC Price Rises to $56K, SOL, SHIB Explode by 24% Daily

After experiencing its worst crash in a few years, bitcoin’s price has bounced off, and the asset has recovered over six grand in the past 18 hours or so.

The alternative coins have followed suit with even more impressive gains today, and the total crypto market cap has added more than $200 billion since yesterday’s low.

BTC on the Rebound

It’s safe to say that what transpired in the past several days was quite unexpected, given last Monday’s surge to $70,000. But we will focus mostly on the events that happened from Friday to now.

Following a weak jobs report in the US and the controversial actions by Japan’s central bank, BTC plummeted on Friday from $66,000 to $62,200, alongside Wall Street and most risk-on assets. Although that was a painful retracement on its own, the weekend brought even more losses, and the cryptocurrency dumped to $57,000 by Sunday.

Yet, there was even more room for decline. On Monday alone, BTC slumped by double digits and plummeted to under $50,000 for the first time since mid-February. This substantial correction left more than $1.2 billion in liquidated positions as fears emerged about a potential drop to $40,000.

However, the bulls finally stepped up at this point and didn’t allow any more pain. Just the opposite, bitcoin started to recover some ground and now sits at $56,000, being 10% up on the day. Its market cap has reclaimed the $1.1 trillion level while its dominance has been reduced slightly to 53.2% on CG.

Bitcoin/Price/Chart 06.08.2024. Source: TradingView

Alts See Double-Digit Recovery

Being more volatile by nature, the altcoins suffered a lot during the market-wide massacre. Now, though, they have reacted better with more impressive daily gains.

Solana’s native token leads the pack from the larger-cap alts with a 24% surge to $142. Shiba Inu has charted a similar jump that has pushed it to $0.000014. Impressive gains also come from the likes of ETH (13%), BNB (17%), XRP (15%), DOGE (17%), ADA (16%), and many others.

The cumulative market cap of all crypto assets has added more than $200 billion since yesterday’s low. As such, the metric has risen to $2.070 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto