The crypto market seems promising after the latest Elon Musk-influenced dump. The virtual trading space recovered almost $100 billion as the world’s best coin touched $38,000.
Bitcoin enthusiasts can now rejoice after several weeks of turmoil in the market. That is after the leading virtual coin neared $38,000. On the other hand, most altcoins surged harder over the last 24 hours, Ethereum trading at about $2,800 and Binance Coin climbing well over $400.
BTC Recover from the Latest Musk Dump
After the last weekend plummet where Bitcoin crashed below $34,000, the leading crypto performed well during weekdays. Bitcoin rose gradually for some consecutive days to break over $37,000.
The bulls drove Bitcoin to the highest point of the six days, at about $39,500. However, as this had happened many times over the last few weeks, the coin failed to go higher. The opposite – the world’s best asset started to retrace after another debatable tweet by Elon Musk. Following the heartbroken tweet from Tesla’s CEO, Bitcoin plunged by $4,000 to trade at $35,500, the lowest of the day.
Nevertheless, bulls stepped in once more for a northward movement. When publishing this content, Bitcoin is trading just above $37,500, as its market cap reclaimed $700 billion.
Altcoins in Green
The alternative coins suffered more during the market correction yesterday. ETH, the leading altcoin, plummeted under $2,600, though recovered impressively to trade nearly $2,800 at the moment.
Binance Coin was not an exception either, dropping below $370 with the correction. However, of all the top ten cryptocurrencies, BNB spiked the highest in the last 24 hours. That is after the altcoin surged by 10%. With that, the asset regained its $400 mark, trading at $420 at the moment.
Other altcoins that are in green include:
- Cardano – 6% up
- Dogecoin – 5.5% increase
- XRP – 5% surge
- Polkadot – 7% uptick
- Uniswap – 5% surge
- Bitcoin Cash – 3% increase
- Chainlink – 5% up.
Over the last 24 hours, Curve DAO Token and Theta Fuel are the top gainers. That followed a 25% surge to $0.5 (Theta) and $2.75 (DAO).
Meanwhile, the total crypto market capitalization recovered more than $80 billion over the last day to sit over $1.7 trillion.