Bitcoin Eyes $99K as Altcoins Produce Double-Digit Gains: Recovery Weekend Watch
2024-12-21
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After a few consecutive days of price slumps, bitcoin’s trajectory has finally reversed as the asset popped above $99,000 earlier today.
The altcoins are also in the green following the market-wide crash, with many recovering by double-digit increases on a daily scale.BTC Begins Recovery Mode
The business week began in a highly positive manner for the primary cryptocurrency, as its price surged from around $101,000 to over $108,000 by Tuesday to mark its latest all-time high. While the community was expected to rise toward $110,000, especially after Wednesday’s rate cut in the US, the landscape took a sharp turn.
Instead of heading further north, BTC actually started to retrace hard. It first lost the $100,000 mark, but that was just the start, as the bearskept the pressureon. The culmination came on Friday when the cryptocurrency plummeted to a three-week low of $92,000, and theconversationturned to whether this was a normal correction or the end of the bull market.
So far, though, it seems to be the former. Bitcoin stopped the freefall and bounced off rather impressively. Just earlier today, its price surged past $99,000 before calming to its current level of around $98,500.
Its market capitalization has recovered to $1.950 trillion, while its dominance over the alts stands at 54.6% on CG.Altcoins Finally See Green
The alternative coins suffered even more than BTC during the market-wide crash, as expected. However, they have turned green now on a daily scale after the Friday massacre. ETH dumped to $3,300 but now sits close to $3,500 after a 6% daily increase. XRP is back above $2.3 after plummeting to under $2 on Friday.
BNB, SOL, TRX, and HBAR have gained around 5-6% each since yesterday. More impressive price increases come from the likes of DOGE, ADA, AVAX, LINK, SHIB, TON, DOT, and many others, all of which have jumped by double digits.
The total crypto market cap slumped below $3.4 trillion yesterday but has risen to over $3.550 trillion now.