BTC Wires

Crypto Market Stages A Turnaround With 5 Billion Dollars Recovered In An Hour

Lending credence to all those who cite the volatility of cryptocurrencies as their key failing and raising hopes of crypto enthusiasts at the same time, the crypto market has staged a dramatic turnaround. After it lost 5 billion dollars from the total market cap yesterday, it has recouped effectively today, adding those 5 billion dollars back within a short time frame of just 1 hour.

With the market finding itself in the green within 24 hours of all 20 top cryptocurrencies (expect stablecoin Tether) crashing, Bitcoin has also made promising gains, nearly testing the $3900 price range.

At the time of writing, and as per data sourced from Coinmarketcap.com, the price of Bitcoin is $3,899.35, registering a 3.44% rise. Experts are hopeful that this might just be the precursor to the top crypto testing support above the $4000 price range. Breaking through that resistance seems to be an essential step before a bull run can become possible.

Barring the last weekend of February, when the total market cap climbed to $140 billion, the crypto market this year has remained around the $132 billion range it is in now since the middle of last month.

A bull run still does not seem to be on the cards very soon but the fact that Bitcoin is making attempts to break past resistance points does inspire a certain degree of hope.

Litecoin and Binance Coin have been at the forefront of this recent upswing. Litecoin or LTC, at the time of writing, is registering a 14.76% rise to $53.41.

Binance Coin (BNB) has jumped at a higher rate, rising to a $13.35 price point with a 17.57% increase. EOS, which was registering an 8.82% fall yesterday, has jumped back by 14.82% today.

In an absolute reversal since yesterday, all top 20 cryptocurrencies except Tether are in the green currently. Will the market recover enough to support a bull run? Although that seems somewhat unlikely at present, it surely does not hurt to hope.

You May Also Read: Why Does The Price of Bitcoin Move So Much?