The cryptocurrency market is calmer waters again as cryptocurrencies have earned remarkable gains and the market cap recovers.
After the market crash that has been happening as of late, Bitcoin (BTC) bounced back to $50,000 after falling to $42,000 over the weekend. Similar to Bitcoin (BTC), other cryptocurrencies are trading in the green as well, such as Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), and Avalanche (AVAX) among others.
Bitcoin (BTC) definitely had better days compared to last week, where it plunged down to $42k, losing $16k in mere hours as it incurred the two-month low. While Bitcoin (BTC) tried to reclaim $50k, it went right back to $47k.
Nonetheless, bulls got the upper hand as Bitcoin (BTC) strongly restored its price to $50k and is now trading above $51k, gaining $4k in 24 hours. With this long-awaited price correction, the market cap of the biggest cryptocurrency bounced back to $1 trillion.
Altcoins were also largely affected by the Saturday and Monday crashes, although they have responded in kind to the Bitcoin (BTC) surge. After having plunged down to $3,500 on Saturday, Ethereum (ETH) incurred a remarkable recovery of 10%, now trading over $4,400.
Other cryptocurrencies incurred gains as well, with Binance Coin (BNB) trading at nearly $600 after gaining 5.5%. Gains higher than Binance Coin (BNB) were seen in Avalanche (AVAX) 18%, Cardano (ADA) 12%, Solana (SOL) 11%, Shiba Inu (SHIB) 11%, Polkadot (DOT) 10.5%, Dogecoin (DOGE) 10%, Ripple (XRP) 8.5% and Terra (LUNA) 7.5%.
On a daily basis, BitTorrent has gained the most by 55% after the mainnet launch date was revealed, followed by Loopring (32%), Bitcoin SV (30%), Polygon (30%), Oasis Network (26%), Kadena (24%), Nexo (22%), Fantom (22%), and CRO (20%).
The cryptocurrency market capitalization has recovered nicely by reaching $2.4 trillion after having gotten $200 million back in a 24 hour period.