The crypto market cap recovered $200 billion since yesterday’s drop. Bitcoin has jumped by nearly $6,000, while BNB, XRP, and LINK have marked double-digit gains.
Bitcoin has bounced off from yesterday’s massive nosedive and has recovered about $6,000 of value. Most alternative coins have followed along with ETH above $2,200 and BNB north of $530, and the crypto market cap has added roughly $200 billion since yesterday’s low.
Bitcoin Adds $6K Since the Dip
It seemed that everything was going in bitcoin’s way last week after the asset finally reconquered $60,000 and went even further to a new all-time high of $65,000. However, the cryptocurrency started to retrace slightly on Friday and the situation intensified on Saturday.
As CryptoPotato reported, BTC headed south vigorously and lost approximately $9,000 of its dollar value in a matter of hours. While the community still debates the possible reasons, the fact is that bitcoin slumped to a 3-week low and its market capitalization plummeted beneath $1 trillion.
After dumping to $51,500 (on Bitstamp), though, the primary cryptocurrency bounced off. In the following day or so, BTC has regained nearly $6,000 and currently sits above $57,000.
It’s worth noting that BTC investors have taken the adverse price developments somewhat positively. Santiment data shows a significant number of comments saying “buy the dip” during the crash and “bought the dip” upon market recovery the following day.
Sourxw: CryptoPotato.com