The cryptocurrency market has been through a rollercoaster ride in the past few days, with prices dropping to levels not seen since February. However, it seems like the bulls are trying to make a comeback.
Bitcoin, the leading cryptocurrency, has seen its price surge above $56K, marking a 4% increase in the last 24 hours. After hitting a 5-month low of $53,550, BTC managed to recover about $3K from its lows. The recent correction was triggered by concerns about increased selling pressure from Mt. Gox repaying its creditors and the German Government liquidating seized BTC from a high-profile case.
But it’s not just Bitcoin that’s bouncing back. Many altcoins are also showing signs of recovery. The overall market is in the green, with coins like AVAX, TON, DOGE, and PEPE surging by 12%. Even meme coin Shiba Inu (SHIB) has managed to recover by an impressive 15%. Major cryptocurrencies like Ethereum, Binance Coin, Solana, and others are also posting gains ranging between 4.5% and 10%.
While the market seems to be taking a breather, it remains to be seen whether this recovery will hold up throughout the week or if another wave of selling is on the horizon. Experts have noted that the recent correction is normal and that 30% declines are not uncommon during bull markets.
In the midst of these market fluctuations, there are special offers available for crypto traders. Binance is offering a $600 exclusive welcome offer for new accounts registered through a specific link. Additionally, BYDFi Exchange has a limited offer for a welcome reward of up to $2,888 when opening a 100 USDT-M position for free.
It’s important to remember that the information provided by CryptoPotato is based on the opinions of quoted writers and does not necessarily reflect the views of the platform. Investors are advised to conduct their own research before making any investment decisions and to use the information provided at their own risk.