Crypto Market Registers Strong Recovery, Bitcoin (BTC) Shoots 30% from the Bottom In 24-Hours

20. May 2021 Posted by Akolkar B on News

After all the bloodbath on Wednesday, May 19, the cryptocurrency market has registered a strong recovery today. The overall crypto market has almost recovered completely adding over $500 billion from the Wednesday’s bottom.

Bitcoin (BTC) which dropped to a low of $30,700 almost erasing its 2021 gains, has shot up sharply by 30% moving past $40 levels from the lows. At press time, Bitcoin (BTC) is trading 27% up at $41,996 with a market cap of $779 billion.

The Bitcoin price rally comes as institutional investors continued buying the dips after massive whale liquidations on Wednesday. The intraday dips have been completely swallowed in just 24-hours with exchange registering massive Bitcoin outflows. The BTC supply shortage is expected to further drive the prices higher.

On the other hand, the altcoin market has also posted strong recovery. Almost all of the top-ten altcoins are showing 24-gains in the range of 30-50%. From yesterday’s low, the world’s second largest crypto Ethereum (ETH) is up by 50% right now as of press time. The ETH price is trading at $2937 with a market cap of $329 billion.

Ethereum has registered a solid show in 2021 and its current gains stand at over 300%. On the other hand, the Ethereum network continue to improve drastically. The Ethereum supply on exchanges has been on a constant decline while the ETH deposits in Ethereum 2.0 and the Defi space have improved drastically.

Another altcoin Binance Coin (BNB) is up 42% and once again moved past $400 levels. At press time, BNB is trading at $410 with a market cap of $62 billion. On the other hand, the recently popular Cardano (ADA) has shot a massive 70% in the last 24-hours.

Cardano (ADA) is giving a tough competition to BNB for the third spot. At press time, ADA is trading 70% up at a price of $1.70 and a market cap of $62 billion. Cardamon has been in the news much recently

All other altcoins are on a roll. Dogecoin (DOGE) is up 25%, Polkadot (DOT) is up 25%, Bitcoin Cash (BCH) is up 30%, UniSwap (UNI) is up 30%.