The crypto market has recovered from the major sell-off this week with Bitcoin price edging towards $60k once again. Most altcoins have turned green, making double-digit gains amid the widespread recovery. Moreover, the recent altcoins run has pushed the total market cap above $2.5 trillion.
This week, the crypto bears tried to leverage the recent plunge in the stock market, especially with Tech stocks. This was reportedly due to the rising concerns of inflation that caused a huge sell-off in the U.S stock markets, which tried to spread to the other markets.
Ethereum has particularly stolen the show as it rose to an all-time high of $4,360 earlier today. The price surge has propelled Ethereum’s market cap to $500 billion for the first time surpassing that of financial institutions like Visa.
As of this writing, Ethereum was trading around $4,294 according to Coinmarketcap. The second-largest cryptocurrency is up by 9.68 percent in the last 24 hours. However, the surging fees on the network is still a major concern.
Bitcoin Price Bounces Amid Wide-Market Recovery
Other altcoins have made huge gains as well with Cardano (ADA) eyeing its ATH after rising by 7.11 percent in the past 24 hours. Binance Cash is also up by 11.41 percent and Polkadot by 7.82 percent. However, Dogecoin is still below the $0.5 level after recording a weekly 20 percent loss.
However, the crypto market has rebounded with many coins rising to new highs. Bitcoin price, which dropped as low as $54,000 yesterday also picked up the pace today. In the last 24 hours, BTC has traded up by 2.77 percent.
At press time, Bitcoin price was hovering around $56,800 after sliding from an intraday high of $57,939. However, its sliding market share remains a concern for investors. Per Glassnode’s report, Ethereum has been the primary beneficiary of the capital rotation from Bitcoin.