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Bitcoin managed to bounce from yesterday's lows, while the majority of large-cap altcoins also turned green despite continued ETF outflow concerns.
Bitcoin’s price was able to return above $60,000 today following a volatile 24 hours that saw the asset drop towards $58,300 before staging a recovery.
At the time of this writing, BTC trades at around $60,500, up nearly 3% on the day, with its market capitalization back near $1.2 trillion.
BTC Price Back Above $60K
Bitcoin had slipped to an intraday low at roughly $58,300 before the bulls were able to step in and push the asset above $61,000 at one point. The recovery was not enough, however, to erase the broader downtrend. That said, it did help BTC regain a key psychological level after several days of selling pressure.
Source: TradingViewThe total cryptocurrency market capitalization stands at a bout $2.16 trillion, which is up roughly 2% in the past 24 hours. Daily trading volume is above $83 billion, while the BTC dominance remains above 56%, suggesting that altcoins are unable to outperform, for the time being.
Ethereum also recovered alongside Bitcoin as it trades close to $1625 after gaining 3% over the past day. It remains far below levels seen earlier in the year, however.
BCH, SOL, ADA Turn Green
Most of the larger altcoins followed BTC higher. Solana is amongst the strongest performers from the top 10, rising by more than 4%, while Bitcoin Cash jumped by about 5%. Cardano (ADA) also increased by over 3%, and LINK gained similarly.
Ripple’s native cryptocurrency XRP is also up, trading near $1.06 following a modest gain. It’s worth noting that XRP-linked ETF products have managed to stand out with their inflows as Bitcoin and Ether ETFs suffer outflows.
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About the author
Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.
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