Following a sudden plunge on Thursday evening, which continued for most of Friday, Bitcoin has finally halted its slide. The premier cryptocurrency has shown resilience and made a significant recovery, bouncing back by $3,000 from its low point. Alongside Bitcoin’s rebound, altcoins are also showing strong performance, highlighted by ETH reclaiming its position above $3,700 and SUI registering a remarkable double-digit growth.
After reaching a new all-time high of over $123,000 on July 14, Bitcoin found itself in a consolidation phase. Over the next ten days, it hovered around $118,000 with brief breakout attempts in both directions. However, the balance was tipped in favor of the bears on Thursday evening when Galaxy Digital began liquidating large quantities of BTC. Consequently, Bitcoin’s price plummeted from over $119,000 to a two-week low of $114,500 in just a matter of hours.
Despite dropping by more than four grand, the bulls managed to make a comeback, preventing further losses and propelling BTC beyond $117,000, where it currently resides. Crypto experts suggest if Bitcoin can sustain above this level, it could pave the way for new all-time highs in the upcoming week.
The altcoins, after suffering significant losses at the end of the business week, have rebounded effectively today, resulting in considerable gains. Ethereum has risen above $3,700 after a 3.5% daily increase. XRP, Solana, HYPE, XLM, LINK, and BCH have all posted impressive gains, while SUI and HBAR have both surged by double-digit percentages. SUI reached $4, while HBAR climbed above $0.26.
The best performers among the top 100 altcoins include ENA (17%), SPX (14%), and SKY (13%). The total crypto market cap has added approximately $70 billion since hitting its low point yesterday, bringing it up to $3.940 trillion on CG.
