The total crypto market cap has regained over $70 billion since yesterday’s low.
Bitcoin’s sudden nosedive on Thursday evening and most of Friday has finally stopped as the asset bounced off and recovered three grand from bottom to top.
The altcoins are also well in the green today, with ETH jumping back above $3,700 and SUI marking a notable double-digit surge.
The primary cryptocurrency was in a consolidation phase since July 14, when it hit a new all-time high of over $123,000. In the following ten days or so, it remained sideways around $118,000, with a few brief attempts for a breakout in each direction.
The buyers and sellers managed to maintain equilibrium for a while, but the bears took control on Thursday evening as Galaxy Digital began disposing of massive portions of BTC. In a matter of hours, bitcoin’s price tumbled from over $119,000 to a two-week low at $114,500.
After dumping by more than four grand, the bulls finally reemerged and didn’t allow a further breakdown. Just the opposite, BTC bounced off and jumped past $117,000, where it stands as of press time as well.
Crypto analysts believe this could be a pivotal moment if it manages to maintain above this level, as it could open the doors for fresh ATHs next week.
The altcoins experienced substantial losses at the end of the business week but have reacted well today, with notable gains. Ethereum is above $3,700 once again after a 3.5% daily jump. XRP defended the $3 resistance and is now at $3.15.
Solana, HYPE, XLM, LINK, and BCH have charted even more impressive gains, while SUI and HBAR are up by double-digits. The former has tapped $4, while the latter is above $0.26.
The top performers from the largest 100 alts include ENA (17%), SPX (14%), and SKY (13%). The total crypto market cap has gained roughly $70 billion since yesterday’s bottom and is up to $3.940 trillion on CG.
