Cryptocurrencies are recording a spring back up after the recent market capitulation in May. Bitcoin, despite negative comments, has gathered significant momentum as it makes its way up. Altcoins including Ethereum have been on the rise as well.
Yesterday, the CEO of Tesla, Elon Musk instigated a slight Bitcoin sell-off after making a tweet. The tweet depicted a Bitcoin split, making the crypto shed over $4,000. Other altcoins were also affected by the controversial tweet.
After a rough May for BTC, it is seen to be gradually recovering as long term holders near their cost price. The price of Bitcoin declined to $34,000 last week. However, within a few days, it broke a $37,000 mark. It shot upwards again to hit a week’s high of $39,500.
Unfortunately, the crypto asset failed to go further as more factors contributed to declines. Following Musk’s broken heart tweet, it’s value went down to $35,000. There is a ray of hope however, as Bitcoin reclaims a $700 billion market cap and sits at $37,500 at the time of this report.
Altcoins Hits the Greens Again
Alternative cryptocurrencies were worst hit during the market correction yesterday. However, just like Bitcoin, they’ve begun to recover. Ethereum that previously dropped to $2,600 has spiked back up to $2,800.
Binance coin wasn’t left out as it hit a $370 drop. It has recovered $400 from its decline to hold $420 per coin. Similarly, altcoins like Cardano gained 6 percent, Dogecoin gained 5 percent, Dot gained 7 percent, Link 5 percent, and XRP 5 percent.
In a 24 hour run, Teta Fuel and Curve DAO are the biggest gainers. Both cryptocurrencies have gained 25 percent with the former hitting $0.5 and the latter $2.75. Siacoin, Solana, IOTA, and Kucoin Token also joined the party. The cryptocurrency market has regained $80 billion and a total market cap of $1.7 trillion.