Markets
Bitcoin Recovers Above $56K as Altcoins Recover: Weekend Watch
It’s safe to say that the cryptocurrency market has seen a lot of changes in recent days, with prices dropping to levels not seen since February.
It looks like the bulls are now attempting a comeback or at least a slight recovery.
Bitcoin Price Surges Above $56K
At the time of writing, BTC is trading above $56,000, marking an increase of around 4% in the last 24 hours.
The cryptocurrency had already fallen to a 5-month low of $53,550, but bulls managed to recover and reclaim around $3,000 from the lows.
The correction came amid looming fears of increased selling pressure as Mt. Gox began paying its creditors, as well as the fact that the German government is steadily liquidating BTC it seized years ago in a high-profile case.
Altcoins also recover
Most altcoins are also trying to recover and have managed to bounce back from recent lows.
As seen in the heatmap above, the market is completely in the green. AVAX has surged 12%, the same as TON, DOGE, and PEPE.
Shiba Inu (SHIB) – the popular dog-themed meme coin – has managed to recover by an impressive 15%.
Large-cap cryptocurrencies such as Ethereum, Binance Coin, Solana, Bitcoin Cash, MATIC, and others are seeing gains in the range of 4.5% to 10%.
Overall, the market is obviously taking a break, but it will be interesting to see if this will last the whole week or if there will be another wave of selling coming.
It is worth noting that many experts called the recent correction normal and also recalled that 30% drops happened very often in the past during bull markets.
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