AltCoins are bouncing from the bottom, recovering from major losses.
Markets are bouncing from the bottom, XRP, Litecoin, Tezos and Tron recovering from major losses.
After five days of heavy losses resulting in $40 billion being dumped out of crypto markets a bounce has finally occurred. The boards are all green this morning as cryptocurrencies rebound from the yearly bottom a couple of days ago. Market capitalization has climbed back above $200 billion but is still very low looking at the big picture.
Bitcoin has led the charge recovering 6% on the day to $6,420. BTC held support at $6k and has yet to plunge below it again which is a good sign generally. Ethereum, which has been utterly smashed over the past week has gained 6.7% back to trade at $285 which is still close to its lowest levels in a long time.
The altcoins fall harder but they also make bigger gains when things turn around, which they always do. Ripple’s XRP is posting the biggest recovery in the top ten with 8% to $0.286 closely followed by Litecoin with a similar gain to $56.5. The rest are recovering between 5-6% at the time of writing. Bitcoin Cash is the only laggard showing only 4% on the day to pull it back to just below $520.
Further down greater gains can be seen from coins that made greater losses. On the charge at the moment is Tezos up 14% to $1.37, followed by Tron 12% higher to $0.20. Iota, Dash and Binance Coin are also showing double digit gains at the moment. The rest are showing 7-8% gains aside from Zcash which is only up 1.7%.
The top running altcoins in CMC’s top one hundred at the time of writing are Bitcoin Private surging 27%, TenX jumping 25%, Nano climbing 21.5%, BAT up 21% and Zcoin rising 20%. Still getting crushed are Dentacoin losing 6.4% and MOAC dropping 5% on the day.
It goes without saying though that a rally from such a huge drop is totally naturally and the bears could still be lurking to push things further south. Many of these altcoins have dumped in excess of 50% of their value over the past month or two so there is nothing to get excited about with today’s rebound.
Total crypto market capitalization has managed to claw back 6.7% of its losses to $206 billion. Since last Wednesday markets are down 11% and on the month they have been hammered almost 20%. Trade volume has fallen slightly from $15 to $13 billion and things are still pretty dire in crypto land.