BTC price rises to $56,000, SOL, SHIB explodes 24% daily

After experiencing its worst drop in a few years, the price of bitcoin has rebounded and the asset has recovered more than six thousand in the last 18 hours or so.

Altcoins have followed suit with even more impressive gains today, with the total crypto market cap adding over $200 billion since yesterday’s low.

BTC on the bounce

It’s safe to say that what happened in the last few days was quite unexpected, given last Monday’s rise to $70,000. But we will mainly focus on the events that happened from Friday until now.

Following a weak US jobs report and controversial actions by Japan’s central bank, BTC fell from $66,000 to $62,200 on Friday, along with Wall Street and most risk assets. While that was a painful pullback on its own, the weekend brought even more losses and the cryptocurrency fell to $57,000 on Sunday.

However, there was still more room for decay. On Monday alone, BTC fell by double digits, falling below $50,000 for the first time since mid-February. This substantial correction left more than $1.2 billion in liquidated positions as fears emerged over a potential drop to $40,000.

However, the bulls finally rose at this point and allowed no more pain. On the contrary, bitcoin started to regain some ground and now stands at $56,000, up 10% on the day. Its market capitalization has recovered to the $1.1 trillion level, while its dominance has narrowed slightly to 53.2% in CG.

Bitcoin/Price/Chart 06.08.2024. Source: TradingView Highs See Double-Digit Recovery

Being more volatile by nature, altcoins suffered greatly during the market-wide massacre. Now, however, they have reacted better with more impressive daily gains.

Solana’s native token leads the pack from the big-cap highs with a 24% rise to $142. Shiba Inu has recorded a similar jump to $0.000014. Impressive gains also came from ETH (13%), BNB (17%), XRP (15%), DOGE (17%), ADA (16%) and many others.

The cumulative market cap of all crypto assets has added over $200 billion since yesterday’s low. As such, the metric has risen to $2.07 trillion in CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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