Following yet another dip below $41,000, bitcoin has reacted well and has recovered a few thousand dollars in hours. However, most of the alternative coins are still struggling, with minor moves with a few exceptions, like DYDX, which set a new all-time high.
Bitcoin Recovers The Latest Sub-$41K Dip
Ever since the enhanced volatility on Friday when the primary cryptocurrency lost roughly $4,000 of value in minutes following the latest Chinese ban, the asset had failed to produce any significant gains.
On the contrary, the bears continued to push him south despite Saturday’s brief recovery attempts. On Sunday, though, came the first weekly drop towards $40,000, but the bulls managed to save BTC from falling to such a low level.
After rebounding to $ 42,000, another price drop occurred yesterday and bitcoin fell again to $ 40,700. As of now, the cryptocurrency has recovered nearly $2,000 and currently stands above $42,000.
Its market cap is close to $ 800 billion and its dominance over altcoins is 42.5%.
Altcoins Stall But Not DYDX
Most alternative coins also lost substantial chunks of value in the past several days. Ethereum went from over $ 3,100 to around $ 2,900. The second-largest crypto has stalled since then and still stands just over that level.
Likewise, Cardano, Ripple, Dogecoin, Polkadot and Avalanche have been relatively flat since yesterday. Binance Coin, Solana and Uniswap scored minor gains.
The situation with the lower- and mid-cap alts is slightly different for a few coins. DYDX is once again the biggest winner with a 30% increase in one day. Moreover, it has skyrocketed by 100% in the past week, perhaps due to the growing demand for DEXes from Chinese users.
AXS is also well up in one day – this comes as the number of token holders hit a new all-time high, as reported yesterday.
The crypto market cap has regained roughly $70 billion in a day, but it’s still below $1.9 trillion.
