After losing over ten grand within a day, bitcoin’s price movements have calmed in the past several hours, and the asset stands at around $89,000.
Many altcoins have turned green now but are still deep in the red compared to the valuations since this weekend.
BTC Calms at $89K
It was less than a week ago, on Friday when the primary cryptocurrency was preparing for a charge of $100,000 after gaining over five grand since the Tuesday dip. However, no such challenge actually occurred as Bybit was compromised in what became the largest crypto hack ever, with $1.4 billion stolen.
BTC reacted immediately with a drop to $95,000 within hours. After recovering some ground during the weekend to around $96,500, the landscape changed for the worse on Monday and especially on Tuesday.
Within the span of just 24 hours or so, the cryptocurrency went from $96,000 to $86,000, losing ten grand in the process. This became one of its most violent price corrections and pushed its valuation to the lowest levels in over three months – erasing lots of the gains charted after Trump’s presidential victory. You can check some of the potential reasons behind this crash here.
Since then, BTC has been able to rebound slightly and now sits quietly at $89,000. Its market capitalization, which shed over $150 billion in a day, is now at just over $1.760 trillion on CG. Its dominance over the alts has shrunk by almost 1% to 57.9%.
Alts Bounce-Off
The alternative coins suffered even more yesterday, but many have bounced off on a daily scale now. Ethereum, which dumped to $2,300, is up challenging $2,500 after a 4% daily increase. BNB is up to $630, while SOL is above $140.
Even more impressive daily gains come from the likes of XRP, which has added 8.5% and sits north of $2.3, DOGE, ADA, LINK, XLM, AVAX, LTCO, SUI, TON, SHIB, HBAR, HYPE, and many others.
The total crypto market cap, which went down by over $300 billion within a day, is now above $3.050 trillion after recovering $100 billion.
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Cryptocurrency charts by TradingView.
