Crypto market bounces back with Bitcoin moving above $29,500

The crypto market registered a strong recovery in the last 24 hours after two days of continuous bearish sentiment. Bitcoin recorded a steep fall in its price but very quickly recovered to reach above the $29,500 mark. 

Other prominent cryptocurrencies including ETH, Solana, Dogeocin, XRP and Litecoin have also recorded positive 24-hour returns, bringing a positive outlook to the market. 

While talking to Republic about yesterday’s crypto market movement, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, “The crypto market has displayed resilience in the last 24 hours, as the global crypto market capitalisation (+2.03 per cent) reached $1.19 trillion. The crypto fear and greed index continues to stay in the neutral zone with a score of 53/100,” 

“...While Bitcoin’s five-day volatility is lower than that of Gold, a violent breakout in either direction is expected,” Shubham added. 

Today Litecoin (LTC) is also going to witness a halving in which its mining rewards will reduce by half. Halving is conducted every four years to control the supply of some cryptocurrencies. LTC halving can create some volatility in the market. 

In other news, after receiving a license to operate in Dubai earlier this week, Binance has also launched its operations in Japan. The BNB (+2.7 per cent) token has experienced modest gains with this positive news.

Prices listed were last checked at 10:00 am today according to Coinmarketcap.com

Bitcoin (BTC) 

Bitcoin fell to a 41-day low yesterday touching the mark of $28,757 but quickly recovered the fall to move above $29,500. This quick recovery in the market pulled in more investor money into the market, taking the crypto market cap by over 2 per cent, bringing it close to the $1.2 trillion mark. 

Ethereum (ETH) 

Ethereum has also shown a 2.07 per cent rise in the last 24 hours taking the price up to $1,862.62 at the time of writing this report. On the other hand, the market cap for ETH also showed a positive signal to reach $225 billion, recording a rise of 2.05 per cent.

Dogecoin (DOGE)

Dogecoin is presently trading at $0.07747 with a 1.71 per cent increase in the last 24 hours. On this positive note, the monthly returns of Dogecoin have crossed the mark of 15 per cent. The market cap of Dogecoin also recorded a 1.88 per cent surge.

Litecoin (LTC) 

Litecoin traded below the $90 mark for a brief time before crossing it to reach the 24-hour high of $94.24. If LTC halving would be able to bring positive sentiment to the token, we can expect a significant surge in LTC prices.

Solana (SOL)

Solana is presently trading at $23.71 with a 1.31 per cent hike in the last 24 hours. This rise was recorded after the token recorded a significant decline and touched $23.1, however, SOL did not take too long to recover. The market cap of Solana is also hovering around $9.5 billion, recording a 1.57 per cent hike.

Ripple (XRP) 

Ripple is currently trading at $0.7008 recording a 1.48 per cent hike after recovering from the low of $0.68. The market cap of XRP also spiked by 1.47 per cent to reach the $36.9 billion mark.