Bitcoin Reclaims $55K: 10% Recovery In 48 Hours (Weekend Watch)

Bitcoin Reclaims $55K: 10% Recovery In 48 Hours (Weekend Watch)

After several days of price slumps, bitcoin has bounced off and neared the $55,000 level. Despite this increase, though, its market dominance has suffered as most altcoins have added more value in a day. Ethereum has jumped to $1,700, BNB is above $250 again, and Cardano has increased to $1.20.

BTC Recovers to $55K

The past several days didn’t go well for the primary cryptocurrency. Following a pro-BTC announcement from Elon Musk’s Tesla, the asset spiked to above $57,000. However, the situation sharply reversed, and bitcoin headed south vigorously.

In the next 48 hours, the cryptocurrency lost roughly $7,000 of value and even scared the bulls that it could dip beneath $50,000 for the first time since early March.

At that point, though, BTC reversed its trajectory and started slowly increasing and went to above $53,000. Although there were fears that the record-breaking $6 billion worth of options contracts that expired yesterday could plummet the price, they didn’t materialize.

Just the opposite, BTC continued its gradual ascend, which drove it to an intraday high of $55,600 (on Bitstamp). Since then, the cryptocurrency has retraced slightly and currently stands just beneath the coveted $55,000 price tag.

What’s arguably more notable is that bitcoin’s market capitalization managed to reclaim $1 trillion after a few day hiatus below it.

BTCUSD. Source: TradingView

Rising Alts Decrease BTC’s Dominance

The altcoin market, which also suffered as its leader, has reacted well in the past 24 hours. Ethereum dropped to about $1,550 a few days ago but has bounced off nicely and currently stands around $1,700.

Binance Coin (BNB – 3%) has increased above $250, Cardano (ADA – 5%) has jumped to $1,20, and Ripple (XRP – 2.5%) is at $0.55. Polkadot and Uniswap have gained the most from the top ten. DOT is up by 6% to above $32, while UNI (6.1%) has neared $29.

THETA is the only top ten coin in the red after a 7% retracement on a 24 hours scale. Interestingly, the team behind the project said that it will delay the mainnet launch with a few months earlier this week.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Filecoin (40%), AscendEX Token (37%), Holo (32%), Nervos Network (21%), Ankr (20%), Voyager Token (20%), Arweave (19%), and more.

The rising altcoins have managed to reduce BTC’s market capitalization to 59.4%. Just a few days ago, the metric comparing bitcoin’s market cap with all other crypto assets was above 62%.

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Cryptocurrency charts by TradingView.

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