Bitcoin Price Takes back $36K As Crypto Market Cap Targets $1 Trillion

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Much of the crypto market sees green today after yesterday’s huge plunge as BTC soared to over $36,000, while ETH is north of $1,100.

After a severe crash that took BTC to around $30,000, the cryptocurrency regained some damages and recovered $36,000. Many alternate coins have bounced off yesterday’s lows, as the market cap is aiming to restore the $1 trillion range.

Bitcoin Back Above $36K

Following the extremely optimistic first ten days of the new year, BTC has been preparing for the worst 24-hour correction since the mid-March 2020 liquidity crisis.

The key cryptocurrency was sitting above its all-time peak of $42,000 before the bears pulled it down. At the end of the day, Bitcoin lost almost $12,000 in value during yesterday’s trading session and fell to just over $30,000.

The bulls, however, intercepted the move at this stage and did not make any more declines. Just the reverse, BTC began to restore its worth in the next few hours.

When writing these lines, the cryptocurrency has regained almost half the lost value and is above $36,500.

From a technical point of view, BTC has to overcome the next resistance lines at $37,150, $38,000, and $39,000 to restart its bull run. Alternatively, funding amounts of $34,000, $32,500, $30,700 and $30,000 could aid in the event of a price breakdown.

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btcusd_chart
BTC/USD. Source: TradingView

Altcoins Take A Breather

Many alternate coins have lost much more value than their chief. However, healing sessions have begun, equivalent to BTC.

Ethereum was below $1,000, but it leapt by about 7 percent on a 24-hour rate and now trades at $1,145.

Bitcoin Cash (4 percent), Binance Coin (2.4 percent), Chainlink (7 percent) and Litecoin (5 percent) are all green.

Yet Ripple, Polkadot, Cardano, and Stellar have made the most of the top ten. XRP added 13 percent of the amount to more than $0.30, DOT leapt by 11 percent to $8.5, ADA (15 percent) to $0.31, and XLM has improved by 25 percent since yesterday to $0.31.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The lower-and mid-cap altcoins bounced even faster. Nano and Horizen are leading the way with 45 percent gains. IOST (29 per cent), Avalanche (28 per cent), Blockstack (25 per cent), NXM (24 per cent), Quant (19 per cent), Synthetix (17 per cent), Compound (17 per cent), Builder (14 per cent) and Theta (14 per cent) are just some of the double-digit price rises.

Overall, total market capitalisation has gained $150 billion since yesterday’s low, and has again approached the elusive $1 trillion mark.

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