After a highly volatile and painful trading week, bitcoin’s price continues with its gradual recovery, as it now sits above $86,000.
Many altcoins have produced impressive gains over the past few days, and XLM stands in a league of its own with a surge past $0.3.
BTC Calms at $86K
A lot can and has been said about the events that transpired in the cryptocurrency market in the past week. Recall that BTC stood close to $100,000 on February 21, which was rejected and pushed down to $96,000 the previous weekend.
However, the actual pain started on Tuesday morning with a drop to $86,000. After a minor recovery to $89,000, the cryptocurrency dumped once again to $82,000. The scenario repeated once again on Thursday, with a bounce-off to $86,000, and on Friday morning, with a massive price crash to $78,000.
This became bitcoin’s lowest price tag in over three months. While many, including Arthur Hayes, predicted an even more painful performance during the weekend, BTC’s price actually reacted well to the latest massacre and now sits about eight grand higher.
Its market capitalization has managed to defend the $1.7 trillion level, while its dominance over the alts stands tall at 58% on CG.
XLM on a Roll
The altcoins were hit the hardest during the days-long correction, but most have recovered some ground since Friday. XRP continues with its gradual ascent and now stands close to $2.3 after another 5% increase since yesterday.
ADA has defended the $0.6 support and now trades above $0.65. SOL, BNB, DOGE, LINK, and SIU are also with minor gains, while XLM has soared by 7.5% in the past day and almost 30% since Friday’s low to over $0.32,
In contrast, ETH, LTC, and TRX have charted insignificant losses over the past 24 hours.
Nevertheless, the total crypto market cap is more than $250 billion higher than the low on Friday. However, it’s still under the $3 trillion mark on CG.
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Cryptocurrency charts by TradingView.
