Bitcoin Recovers Above $44K After Slump
After experiencing a significant slump to under $42,000, Bitcoin has shown resilience and surged above $44,000 today. This recovery comes amidst a volatile start to the year and growing anticipation of an SEC decision on spot Bitcoin ETFs.
Bitcoin’s Rollercoaster Ride
Just a day into the new year, Bitcoin reached close to $46,000, marking its highest level since April 2022. However, the situation quickly changed as the cryptocurrency plummeted by over $4,000 to $41,500 the following day.
Despite this steep price drop, Bitcoin managed to bounce back and reclaim some lost ground. Earlier today, it surpassed $44,000 and even approached $45,000. Nevertheless, selling pressure pushed the cryptocurrency back down.
Currently, Bitcoin is trading around $44,000 with a market capitalization exceeding $860 billion. Its dominance over altcoins has also risen to 51.6%, rebounding from under 50% just days ago.
Solana Rebounds Above $100
Altcoins suffered even more during the recent crash, experiencing double-digit price slumps. However, many of them have managed to recover a significant portion of their losses.
Solana, which dropped below $100 during the crash, has now entered positive territory for two consecutive days. Ethereum has also seen a 2% increase and is trading above $2,260. Other major altcoins like Ripple, Avalanche, Dogecoin, and Chainlink are slightly in the green as well.
Gainers among the top 36 assets include Injective, Monero, Aptos, Stacks, and KAS. KAS is leading the race with an 11% surge, pushing its price above $0.11.
The total crypto market cap has made a recovery of over $80 billion since the low point on Wednesday, reaching $1.670 trillion according to CMC.
Hot Take: Bitcoin Rebounds Above $44K, Altcoins Show Resilience
Despite the recent volatility, Bitcoin has demonstrated its ability to recover and reclaim lost ground. After slumping below $42,000, the primary cryptocurrency has surged back above $44,000. This recovery comes amidst anticipation of an SEC decision on spot Bitcoin ETFs.
Altcoins have also shown resilience, with Solana rebounding above $100 and Ethereum surpassing $2,250. Despite the recent market turbulence, the total crypto market cap has managed to recover over $80 billion.
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