After dipping by roughly $5,000 in a day, bitcoin has reclaimed some ground and has returned to about $58,000. Most altcoins also suffered yesterday but have shown early signs of recovery, and the crypto market cap has jumped back to $1.8 trillion.
Bitcoin Attempts After-Weekend Recovery
The primary cryptocurrency entered the weekend at around $58,000, following another brief dip to $56,000. Saturday went on to be unusually uneventful price-wise for the asset, but Sunday didn’t go all that well for the bulls.
The latest rejection at the coveted $60,000 price mark drove bitcoin south to an intraday low of $55,500 (on Bitstamp). After losing nearly $5,000, though, BTC fought back by recovering over $2,000 and sits shy of $58,000.
The technical indicators suggest that the first resistance line in bitcoin’s way up is situated at $58,355. Should the cryptocurrency overtake it decisively, the following obstacles are $60,000 and the all-time high at $61,780.
Alternatively, bitcoin could find support if the price slips again at $55,465, $53,500, $52,500.
Stable Altcoins; THETA Nears Top 10
The majority of the alternative coins also slumped in value yesterday, which led to an $80 billion loss for the crypto market cap. Since then, though, most have calmed and even showed slight recovery signs.
Ethereum dropped to $1,750 but has bounced off and currently stands just beneath $1,800. Binance Coin has also calmed around $265, while Polkadot and UNI have marked minor gains.
In contrast, Cardano, Ripple, Litecoin, and Chainlink are slightly in the red still.
THETA is among the best-performing large-cap altcoins with a 16% surge in a day and 50% in a week. As a result, THETA has jumped above $10 and has neared the top 10 coins by market cap.
While the larger-caps are calm, the situation with the lower-cap alts is significantly more volatile, as usual. Harmony has gained the most on a 24-hour scale with a 55% surge to $0.18.
Dent (30%), Solana (16%), BitTorrent (13%), Helium (13%), Kusama (13%), Ocean Protocol (12%), VeThor Token (11%), and SwissBorg (10%) follow.
In total, the crypto market cap has added about $50 billion since yesterday’s low and has touched $1.8 trillion once more.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.