The total cryptocurrency market capitalization has recovered to $2.1 trillion.
Bitcoin price recovery continues in full force, with the asset now back above $7,000 since the multi-month lows set on Monday.
Altcoins also performed better, with SOL being the top gainer among large-cap coins, while WIF surged nearly 30%.
BTC returns to $57,000
There has been a lot of things happening in the cryptocurrency market since last Friday that people are talking about. It all started when the price of Bitcoin dropped from $66,000 to $62,200 following a weak U.S. jobs report.
However, the highly volatile nature of the cryptocurrency industry took its toll over the weekend when other markets were closed. On Sunday morning, BTC dropped below $60,000 and fell to $57,000 by the evening.
The situation worsened on Monday morning, with the largest digital asset plunging below $50,000 for the first time since mid-February, leading to more than $1.2 billion in liquidations in 24 hours. Some of the reasons behind this massive drop can be found here.
That’s when BTC finally launched its offensive, jumping to $55,000 yesterday. Bulls have recovered more lost ground in the past 12 hours or so, with the asset currently trading just above $57,000. Its market capitalization has risen to $1.130 trillion, while its dominance over other cryptocurrencies on CG is 53.5%.
WIF is growing rapidly
Altcoins suffered a similar fate during the market-wide crash, but many have rebounded from their lows. ETH fell $1,000 from over $3,200 but has managed to recover some of its losses and is currently trading at over $2,500.
Solana’s native token has been at the forefront of the recovery phase. In the past 24 hours alone, SOL has risen by more than 8%, with the price exceeding $150.
The biggest gainer among the top 100 altcoins is WIF. The meme coin lost more than 50% in a week and is now up 27% on a daily basis.
The total cryptocurrency market capitalization has rebounded from a drop to $1.8 trillion and is currently just over $2.1 trillion on CG.
