According to CryptoPotato, Bitcoin's price recovery is in full swing as the asset has regained over $7,000 since hitting a multi-month low on Monday. The altcoin market is also showing signs of improvement, with Solana (SOL) emerging as the top performer among larger-cap cryptocurrencies, and WIF soaring by nearly 30%.
Bitcoin's journey back to $57,000 has been eventful. The cryptocurrency market experienced significant volatility starting last Friday, triggered by a weak jobs report from the US. Bitcoin's price dropped from $66,000 to $62,200, and by Sunday morning, it had fallen below $60,000, reaching $57,000 by the evening. The situation worsened on Monday morning when Bitcoin plummeted to just under $50,000 for the first time since mid-February, resulting in over $1.2 billion in liquidations within 24 hours. However, Bitcoin began to recover, reaching $55,000 yesterday and now standing at just over $57,000. Its market capitalization has risen to $1.130 trillion, with a dominance of 53.5% over altcoins.
The altcoin market mirrored Bitcoin's volatility but has shown resilience. Ethereum (ETH) dropped from over $3,200 to below $2,500 but has since recovered to trade above $2,500. Solana's native token, SOL, has been a standout, rising by more than 8% in the past 24 hours to sit above $150. The biggest gainer among the top 100 altcoins is WIF, a meme coin that had slumped by over 50% in a week but is now up by 27% on a daily scale. The total cryptocurrency market cap has rebounded from $1.8 trillion to just above $2.1 trillion.
