Bitcoin Breaks $51,000 As Whales Buy The Dip

Days after Saturday’s Bitcoin crash, the crypto market shows signs of recovery.

Bitcoin shot past $51,000 per coin, up 7.8% in the last 24 hours. The largest crypto added some $72 billion to its market cap, which reached $969 billion.

Cryptocurrency, Business, Finance, Money, Wealth, Gold

Image Source: Pixabay

Bitcoin’s rebound boosted other major cryptos, which usually trail the crypto market leader. Ethereum reached $4,390, a 10% increase over the day. Binance Coin traded at $588, up 6.42% in the same period. Solana jumped 12.37% to $201.66, while Cardano spiked 13.20% to $1.46.

RipplePolkadotTerra, Dogecoin, and Shiba Inu Coin all posted double-digit gains as well, while Avalanche was up 20%.

In total, the global crypto market cap jumped 10% over the last 24 hours. Due to that fact, some major cryptos all but recovered from Saturday’s crash. Ethereum is down just 1% over the previous week, while Solana is up 0.2%. However, BTC is still down almost 10% from 7 days ago.

Altcoins recovered faster than Bitcoin, pushing Bitcoin’s dominance down to 40.45%. On the other hand, Ethereum’s dominance rose, reaching 21.80%.

Whales Buy The Dip

Last Saturday’s selloff of risk assets pushed BTC as low as $43,000 on fears of interest rate hikes. The prospect of the Fed raising rates caused Bitcoin to drop more than 16% on its worse trading day since May.

That is why most traders did not expect the markets to rebound that quickly. In fact, the Bitcoin Fear and Greed Index reflects that. On Monday, the measure of investor sentiment dropped to its lowest level in 5 years.

However, the general market panic was a boon for some investors. While most traders sold, many “whales” seized the opportunity and loaded up on crypto at low prices. In fact, reports show that Bitcoin whales, the largest crypto holders, seized the crash to profit.

1 2
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.