- The cryptocurrency market has recovered from Sunday’s crash.
- The entire market cap of cryptocurrencies is up 10% after the crash.
- The cryptocurrency market is more resilient than some have thought.
The cryptocurrency market has recovered from Sunday’s crash that caused Bitcoin and other major altcoins prices to drop. Placeholder partner Chris Burniske tweeted that the crypto has now gained a strong foundation with less leverage.
If anyone was trying to break #crypto this weekend, they just did the opposite: we now have a stronger foundation with less leverage.— Chris Burniske (@cburniske) April 19, 2021
Moreover, the cryptocurrency market has seen a significant amount of growth in 2021, with the total market cap rising over 200% in four months. Notably, this temporary market crash looks like just a bump in the road.
Cryptos Recovered from Price Dump
The entire market cap of cryptocurrencies is up by 10% from a low of $1.89 trillion yesterday to $2.095 trillion today.
CoinMarketCap)
The above figure shows that most currencies’ prices have increased over the last 24 hours. More so, bringing the crypto price close to where they were before the market crash. Bitcoin (BTC) saw a $10,000 price drop yesterday, triggering more than $10 billion liquidations.
Even more, Bitcoin has been tiding high all week and moving towards a new all-time high price. According to CoinGecko, the BTC price is at $56.9k, at the time of writing.
The wild market swing and extreme volatility are common in the cryptocurrency world.
Lately, the crypto world has experienced a huge market crash, an event that does not happen every day.
For this reason, experts are thinking that this market decline has been triggered by influential traders inside the crypto world. Meanwhile, the reason behind the crypto market bloodbath remains unclear.
Today’s recovery shows that the cryptocurrency market is more resilient than some have thought. While cryptocurrency investors are reluctant to admit it publicly, many think the rapid appreciation in price over the last few months is the sign of a bubble that is about to pop.
This article was first published on coinquora.com
