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Market Recovery – BTC Eyes $38,000, Alts in Green

Patrik Verhoek June 5, 2021 2 min read

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.

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Name Price24H (%)
bitcoin
Bitcoin (BTC)
$29,651.00
-1.62%
ethereum
Ethereum (ETH)
$2,011.29
-3.30%
tether
Tether (USDT)
$1.00
-0.17%
usd-coin
USD Coin (USDC)
$1.00
-0.34%
binancecoin
BNB (BNB)
$295.57
-1.72%
ripple
XRP (XRP)
$0.417468
-2.86%
cardano
Cardano (ADA)
$0.56
0.33%
polkadot
Polkadot (DOT)
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-2.64%
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Dogecoin (DOGE)
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-3.43%
Uniswap
Uniswap (UNI)
$5.02
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  • bitcoinBitcoin(BTC)$29,651.00-1.62%
  • ethereumEthereum(ETH)$2,011.29-3.30%
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  • usd-coinUSD Coin(USDC)$1.00-0.34%
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  • rippleXRP(XRP)$0.417468-2.86%
  • cardanoCardano(ADA)$0.560.33%
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  • polkadotPolkadot(DOT)$10.61-2.64%
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