Following the latest price corrections, bitcoin attempted a quick recovery in the past 24 hours but was stopped at its tracks at nearly $43,000. Most altcoins are slightly in the green, while a few have produced more impressive increases, such as Avalanche and Polygon. The primary cryptocurrency has been on a downtrend for several days. Bitcoin is down over $26,000 from its all-time high of near $69,000 last year.
Bitcoin traded above $47,000 on Wednesday before the bears took complete control.
Bitcoin traded above $47,000 on Wednesday before the bears took complete control over the market on Thursday. In a matter of hours, they pushed the asset down by $4,000, and BTC reached an intraday bottom of $43,000. Although this was already a substantial correction, the landscape only worsened in the following 48 hours. On Friday, BTC lost another sizeable chunk of value and dropped to a three-month low of $40,500 on Saturday. The leading cryptocurrency traded around $42,000 on Sunday before the bulls attempted a quick recovery session that drove it to just shy of $43,000.
Some altcoins are in green.
The world’s second-leading cryptocurrency Ethereum traded above $3,800, but the market-wide retracement drove it to below $3,100. After this massive drop in days, ETH bounced off now sits above $3,150. On a daily scale, the situation with the altcoins seems a bit more optimistic. Binance Coin, Solana, Cardano, Ripple, Terra, Dogecoin, and Shiba Inu are all slightly in the green. Polkadot is up by around 4% and sits at $25. Avalanche and MATIC are the most substantial gainers from the larger caps. AVAX has added 5.5% of the value and is just under $90, while MATIC has jumped by 6% to above $2.1.