In the past 24 hours, Bitcoin's market volatility has significantly increased, quickly rebounding after dipping below $90,000 for the first time in months, with a cumulative increase of over $7,000, demonstrating strong short-term recovery strength.
The altcoin market has also entered recovery mode, with Ethereum (ETH) price again standing above $3,200, showing a stable upward trend. Dogecoin (DOGE) is leading the rebound wave, with a daily increase of over 7%, further boosting overall market confidence.
This wave of recovery indicates that after experiencing a recent deep adjustment, market sentiment is gradually warming up. Investors need to closely monitor subsequent trends, especially whether Bitcoin can maintain its rebound trend and how altcoins perform in response.
BTC rebounds
Since Bitcoin broke through $102,000 last Tuesday, this major cryptocurrency has experienced a significant correction, with its trajectory sharply declining. The failure to maintain above crucial levels led to a rapid loss of ground. Within just 48 hours, Bitcoin's market value evaporated by over $10,000, and this was just the beginning of the decline.
Despite brief signs of recovery last Friday and over the weekend, Bitcoin declined again on Monday, with bearish forces becoming more tenacious, pushing the price below $91,000, marking the first low since late November last year, and further dropping below the psychological level of $90,000.
At the most severe moment of this sell-off, Bitcoin dropped to a multi-month low of $89,200 (data source: Bitstamp). At this point, bullish forces began to awaken, unwilling to sit back and watch the price collapse further. If it fails to hold the support level of $89,200, Bitcoin could face the risk of falling below $85,000.
After consecutive declines, Bitcoin has initiated a strong rebound, successfully climbing to $95,000 earlier today. Bulls continue to apply pressure, pushing the price further up, currently slightly below $97,000.
This rebound has significantly boosted market confidence, with Bitcoin's market capitalization on CoinGecko recovering to over $1.91 trillion. Its market dominance over other cryptocurrencies has also shown strength, currently slightly below 55%. This indicates that Bitcoin's core position in the market remains solid and is leading the recovery efforts.
BTCUSD.
Alts turn green
Altcoins finally welcomed a wave of green recovery after experiencing several days of intense sell-off. Ethereum had once dipped below $3,000 for the first time in two months but has now rebounded to nearly $3,250, showing some signs of recovery.
Other major altcoins have performed even more impressively, with XRP, SOL, DOGE, ADA, SUI, LINK, HBAR, APT, and AAVE all recording significant gains. Among them, AAVE has performed particularly strongly, surging over 11% in 24 hours.
Against this backdrop, the total market capitalization of the crypto market quickly rebounded, growing by $200 billion in one day, currently reaching $3.5 trillion on CoinGecko. This rebound has injected new vitality into the market, and investor sentiment has significantly improved.