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Sunday, December 4, 2022

Bitcoin Recovers 5%, Shiba Inu Up 37% Since Yesterday’s Low

After the two consecutive days of price slides, bitcoin has reclaimed some ground and stands around $36,000. The altcoins have reacted even better with notable double-digit price gains from Terra, Avalanche, Shiba Inu, and many others.

Bitcoin Stands at $36K

The past few days didn’t go all that well for the primary cryptocurrency. It was just on Thursday when a sudden price pump drove the asset to a multi-day high at $43,500.

However, this is where it all went south. Bitcoin started to dump in value rapidly and slumped to $38,000 a day later. This became the lowest price point since early August.

While this was a steep correction of its own, the bears only tightened their grip on the market. As a result, BTC dropped by another $4,000 and dipped to around $34,000. This, on the other hand, became the lowest price point since late July.

Since then, though, BTC added around $2,000 and now stands at $36,000. Nevertheless, its market capitalization is still well below $700 billion.

BTCUSD. Source: TradingView

Altcoins With Impressive Recoveries

The altcoins suffered even more than BTC in the past few days with massive price drops. Now, though, most are well in the green on a daily scale.

Ethereum went down by roughly $1,000 in two days, bottoming at $2,300. Now, though, ETH has added more than $200 of value and sits above $2,500. More similar gains come from Ripple and Solana.

On the other hand, Binance Coin, Cardano, Polkadot, Dogecoin, and MATIC have recovered around 10% each. More gains come from Terra (20%), Avalanche (13%), and Shiba Inu (21%) on a daily scale. SHIB is up by approximately 40% since yesterday’s low, though.

Ultimately, the cryptocurrency market capitalization is up by $130 billion since yesterday’s low and is now at nearly $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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