Crypto Markets Recover $300 Billion While Bitcoin Eyes $50K: Analysis

Crypto markets recover $300 billion since yesterday’s low as BTC targeted $50,000 and ETH increased by 7.5% on the daily charts so let’s take a closer look at our latest cryptocurrency news today.

After the crash, Bitcoin bounced off and added another $8000 to its price tag with other altcoins entering the green zone as well. Ethereum managed to reclaim the $4200 while Terra surged to another high. The entire industry s well known for its volatile price movements and yesterday was only an example of that. Bitcoin for example traded around $58,000 after getting rejected at $59,000 a few days consecutively when the entire landscape changed dramatically. The asset plummeted in the following hours to a low of $42,000 which only prompted a few other industry experts and analytics to speculate ont the reasons behind the $16,000 drop.

Bitcoin reacted positively after touching the $42,000 bottom and bounced off to around $47,000 initially and another leg up hours later it drove to below $50,000. so far, BTC was unable to breach the level but it is still about 5% up on the day and the market capitalization increased well above $900 billion. The altcoins suffered more than BTC did and ETH went from $4700 to around $3500 but the second biggest crypto trades around $4200 after a 7.5% daily increase. Binance Coin dropped but a similar boost increased it to above $570. Solana increased by 3%, Cardano increased by 2%, and Shiba Inu by 5%.

There were even some other recoveries from Ripple that increased 12%, DOGE by 8.5%, and Terra by 30% while LUNA painted a new high earlier at under $80. The daily increases were evident from Livepeer that increased 22%, Elrond by 20%, Loopring by 20%, Quant by 18%, Enjin Coin by 17%, THORChain by 15%, and Decentraland by 18%. As such, the crypto markets recover $300 billion since yesterday’s low of $2 trillion.

As reported yesterday, A lot can change in the crypto market like for example, until 24 hours ago, the most bearish case that we saw for Bitcoin was that it was unable to breach $59,000 despite the three attempts in a week. However, the asset was preparing for another leg up to the particular line as the bears came to bring it all down. The main cryptocurrency started dumping in value and initially dropped to $51,000 with an $8000 daily drop but that was not the end of it. Hours later, BTC found itself dropping to $42,000 which became the lowest price point since late September.