Bitcoin continues to recover some of its recent losses gradually, and the asset tapped $89,000 earlier today for the first time since the calamity at the end of the previous business week.
In the meantime, many altcoins have produced more impressive gains, including ENA, HYPE, and XRP.
BTC Eyes $90K?
Recall the events that transpired last week, which brought the primary cryptocurrency to its knees for the first time in months. The asset had already lost the coveted $100,000 level, but the bears were just getting started. Last Monday and Tuesday, they drove BTC from over $96,000 to under $90,000, where it found some support and immediately rebounded to $94,000.
However, that relief rally didn’t last long, and bitcoin was quickly on the downfall again, this time to new lows. By Friday afternoon, BTC had lost over $13,000 and plunged below $81,000 for the first time since April. This meant that it had dropped by around 35% since its all-time high in early October.
Following this seven-month low, though, the cryptocurrency finally started to recover some ground and stood at around $84,000 during the weekend. It kept posting modest gains over the past couple of days, which resulted in a surge to $89,000 earlier today.
It failed there and now sits around $87,000, but it’s still slightly in the green on a daily scale. Its market cap has risen to $1.740 trillion, while its dominance over the alts has taken a hit and is down to 56.5% on CG.
These Alts Turn Green
Ethereum surged past $2,900 earlier today but has dipped below that level as of press time, despite posting a 3% daily increase. BNB, DOGE, HYPE, ADA, and LINK are well in the green, but XRP and SOL have stolen the show from the larger caps. The former has surged by 7% to $2.20, while the latter is up by more than 5% to trade above $135.
Even more impressive gains come from KAS (22%), SUI (11%), ENA (10%), and CC (9%). RAIN, though, has skyrocketed by more than 100% after this multi-million dollar initiative.
In contrast, ZEC and BCH have dropped the most from the bigger altcoins, losing 6.3% and 4.5%, respectively.
The total crypto market cap has increased by over $60 billion in a day and is up to $3.075 trillion on CG.
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