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Ethereum Recovered $900 Since Sunday’s Low as Bitcoin Neared $40,000 (Market Watch)

The cryptocurrency market continues to recover after the massive sell-offs, with bitcoin nearing $40,000 yesterday. The altcoins have pumped even harder with substantial double-digit gains for ETH, BNB, XRP, DOT, and more.

Bitcoin Neared $40K on Bullish Developments

After struggling for a week and dumping to a low of $30,000, bitcoin has been gradually reclaiming its lost ground. As reported yesterday, the primary cryptocurrency climbed over $36,000 and stood there for a while.

The bulls kept the initiative going since then, and BTC pumped to just shy of $40,000. This came amid news surfacing that MicroStrategy’s Michael Saylor hosted a meeting between Tesla’s Elon Musk and the leading BTC miners in North America to form a Bitcoin Mining Council.

Although the cryptocurrency failed to breach $40,000 and has retraced slightly since then, it still trades above $38,000 and is over 5% up on a 24-hour scale.

The asset’s market capitalization has increased above $700 billion, and its dominance is at 43.5%. Nevertheless, this is a slight decrease for the metric comparing BTC’s market cap with all altcoins as they have surged even harder since yesterday.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

All Green Among Altcoins

The alternative coins suffered even worse during the market-wide crash. However, most have charted impressive gains since then and especially in the past 24 hours. ETH is among the most substantial gainers after a 15% pump to over $2,600. Just a few days ago, the second-largest crypto bottomed at $1,700.

BNB has spiked by 18% since yesterday and currently stands around $350. The asset was down to just over $200 two days ago.

Cardano (8%), Ripple (16%), DOGE (6.5%), Polkadot (11%), Bitcoin Cash (18%), Litecoin (16%), Chainlink (12%), and Polygon (20%) are also well in the green from the larger-cap altcoins. Nevertheless, Uniswap has surged the most, with a 27% increase to $25.

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

Ethereum Classis has increased the most since yesterday, following a 40% surge to $80. Nexo (35%), YFI (32%), Qtum (30%), Revain (26%), Klaytn (25%), OMG Network (25%), Telcoin (23%), PancakeSwap (23%), Bitcoin Gold (20%), and more are next.

The cumulative market cap of all crypto assets has increased to $1.660 trillion. This means that the metric is up by $150 billion in a day and $440 billion since Sunday’s low.

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