The cryptocurrency market has begun a recovery session with Bitcoin price surging above $58,000
The crypto market has started a rally with Bitcoin price rising above $58,000 and new ATH from Avalanche. After a few days of price declines, Bitcoin finally bounced back and added more than $2,000 in value. Most altcoins are also green, with Shiba Inu adding double-digit percentages and Avalanche registering a new ATH.
At the time of writing, BTC is changing hands at $58,499.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price reclaims $58,000
The past few days have not gone well for the main cryptocurrency. Immediately after hitting $69,000 for its most recent high, the asset went straight down and lost $9,000 in a few days. This culminated in a drop to $60,000 on November 16, where BTC stood for a while. However, the bears stepped up again and pushed it south again.
This time, the cryptocurrency fell below $56,000 for the first time in over a month. As a result, it lost about 20% of its value in ten days, but on-chain data shows that long-term holders panicked, refused to sell their positions, and even continued to accumulate.
Since that bottom, BTC has bounced off well and has added nearly $3,000. As a result, it now trades well above $58,000, and its market capitalization is up to $1.1 trillion.
Altcoins have also been hit hard recently but are still in good shape for now. Ethereum briefly dipped below $4,000, but a 5.5% gain on the 24-hour scale sent it back near $4,300. Binance Coin (BNB) dropped below $550 but is now above $580 after gaining 6.5% in a single day. Solana is up 8.5% since yesterday and stands north of $210.
Shiba Inu (SHIB) and Avalanche (AVAX) achieved double-digit percentages. SHIB is up 13% and close to $0.00005, while AVAX is up 16% and close to $120. This means AVAX has hit a new all-time high.
Cardano, Ripple, Polkadot, Dogecoin, and Terra have more profit from larger cap coins. Cryptocurrency market capitalization has increased by $100 billion in a single day and $2.7 trillion higher.
Read more:
- Over 500 Merchants Now Accept Shiba Inu – Largest ERC-20 Token Holding Amongst Top 1,000 ETH Whales
- The Owner Of The Wallet With $5 Billion In Shiba Inu (SHIB) Begun Transferring The Funds To Different Wallets