Bitcoin Recovers Following The $2,000 Crash (Market Watch)

Following the steep price drop of nearly $2,000, bitcoin bounced off the $17,600 bottom and has risen above $18,000 again. Most alternative coins have also recovered some of the losses, and the market cap has added about $20 billion since yesterday.

Bitcoin Reclaims $18,000

After the relatively calm weekend bitcoin had where it dabbled with the $19,000 price tag, the cryptocurrency experienced a significant drop yesterday. BTC went from a high of $19,300 to $18,000 before continuing south to the intraday bottom of about $17,600.

This became bitcoin’s lowest price registered in December. Nevertheless, the bulls took control at that point and didn’t allow any further declines. In the following hours, the primary cryptocurrency charged to $18,600 before retracing slightly to about $18,350.

From a technical viewpoint, BTC’s most significant support levels are situated at $18,000, $17,560, and $17,250. Alternatively, the digital asset has to overcome the $18,500 and $18,700 resistance lines if it’s to challenge $19,000 once again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

According to the analytics firm Santiment, BTC’s “solid rebound” came as the market cap versus the realized cap (MVRV) metric appeared underbought.

Bitcoin And Altcoin Price Movements 24h. Source: Santiment
Bitcoin And Altcoin Price Movements 24h. Source: Santiment

A Breath of Fresh Air For The Altcoins

As it typically happens when high volatility enters the cryptocurrency market, the alternative coins suffered the most. Ethereum went from $580 to $530 in a matter of hours, while Ripple plummeted from $0.60 to $0.50.

After bouncing off the bottom, both assets spiked to their initial price tags but have declined slightly since then to $565 and $0.57, respectively.

Nevertheless, most alternative coins are slightly in the green on a 24-hour scale. Bitcoin Cash (1%) is back above $265, Binance Coin (1%) is close to $28, Chainlink (2.5%) is north of $12, and Polkadot (1%) has neared $4.8. Cardano has gained the most since yesterday (7%) and trades at $0.146.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Stellar is the most significant gainer from the top 100 coins. XLM has surged by 15% and sits at $0.17. NEM follows with an 11% increase and a price tag of $0.22.

Kusama (7%), NEAR Protocol (6%), Ethereum Classic (5%), and Status (5%) are next.

Overall, the cumulative market capitalization of all cryptocurrency assets has added nearly $20 billion from yesterday’s bottom of $528 billion.

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Cryptocurrency charts by TradingView.

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