The crypto market has recently experienced quite an extreme roller coaster, with prices dropping to their lowest level since February. However, it seems that the market bulls are attempting a comeback, or at least a slight recovery. 🐂

Bitcoin price rises above $56K. BTC is currently trading above $56K, recording a gain of around 4% in the last 24 hours. The cryptocurrency previously fell to a 5-month low of $53,550, but the bulls managed to push back and recovered around $3K from the low.

This correction comes amidst fears of increased selling pressure due to Mt. Gox begins to pay its creditors, as well as the fact that the German Government continues to liquidate the BTC they confiscated several years ago in a high-profile case.

Altcoins are also making a comeback. The majority of altcoins also attempted a recovery and managed to bounce back from recent lows. AVAX jumped 12%, the same as TON, DOGE, and PEPE. Shiba Inu (SHIB) - the popular dog-themed meme coin - managed to recover by 15%.

Major cryptocurrencies such as Ethereum, Binance Coin, Solana, Bitcoin Cash, MATIC, and others, recorded gains of between 4.5% and 10%.

The market seems to be taking a breather, but it will be interesting to see if this will last throughout the week or if there is another wave of selling coming. What do you think? Come on, discuss it in the comments column! 😄