Bitcoin’s gradual ascent after its Friday plunge to a two-week low continues as the asset has risen to just over $118,000 over the past 12 hours or so.
Although most altcoins are somewhat sluggish on a slow Sunday, a few have tapped multi-month peaks, such as Cronos (CRO).
Bitcoin’s latest all-time high, which took place on July 14, was followed by an expected correction and consolidation period. Within days, the asset slumped to under $120,000 and spent most of the next week trading sideways between that upper boundary and $117,000.
After a few rejections at $120,000, the bears took control and initiated a considerable leg down that pushed the cryptocurrency to a low of $114,500. This came as Galaxy Digital offloaded 80,000 BTC (valued at over $9 billion) for a third party.
Once the sell-off was completed, bitcoin’s price started to recover and jumped past $117,000 yesterday and up to $118,400 today. This meant that the asset has recovered four grand since the Friday low.
Its market capitalization has climbed to $2.350 trillion, while its dominance over the altcoins has stalled at 59.2%.
Most altcoins are with minor gains today as well. Ethereum jumped to $3,800 earlier today after a 1-2% increase. Ripple’s native token is at $3.2 after a similar daily jump. BNB, SOL, DOGE, TRX, and ADA have charted similar gains as well.
SUI continues with its impressive run, having surged by another 6% and is well above $4.2. BCH and CRO have added over 5-6% in a day, which has helped the latter surge to a new six-month high of over $0.14.
The top performer among the largest 100 altcoins is HBAR. It has risen by more than 10% and now trades over $0.29.
The total crypto market cap has recovered another $30 billion and is up to $3.970 trillion on CG. The metric reached a multi-week low on Friday at under $3.870 trillion.
