Bitcoin Recovers Slightly After Another Dip to $33K, ADA & XRP Up 8%
Bitcoin’s volatile weekend continued with a sudden drop to $33,500 and a slight recovery, currently sitting at $34,667. Most altcoins are in red, except Cardano and Ripple which both were up 8%.
Following yet another day of high volatility in which the bears had initial control, bitcoin spiked roughly $3,000 of value from the current 7-day low recorded on Saturday, before coming down to $34,667. The altcoins followed suit with similar dips as the market cap had lost about $200 billion at one point.
Just like the weekend before, this ongoing weekend is not disappointing in terms of volatility and price fluctuations.
Bitcoin Recovers Slightly From Another Dip
It’s safe to say that the primary cryptocurrency has seen better days. It was just a few days ago when it took a few swings at decisively overcoming $40,000, but to no avail so far.
Just the opposite, every attempt was met with a vigorous rejection. The latest one, which came on May 27th, took the cryptocurrency south hard, and BTC nosedived to $35,000 in the following hours.
Despite recovering a few thousand dollars somewhat rapidly, the situation worsened in the past 24 hours. Bitcoin was trading at $37,000 as reported, but the bears regained control and drove it south again.
As a result, BTC lost another sizeable chunk of value and bottomed at below $33,500, according to Bitstamp. Nevertheless, the bulls stepped up and rapidly pushed the cryptocurrency upwards at this point.
It’s worth noting that this enhanced volatility in the past 24 hours could have been expected to some extent. In fact, BTC stored on derivatives exchanges had skyrocketed lately, to its highest level since the cruel May-19, which was a signal of upcoming fluctuations.
BTCUSD. Source: TradingView
Most Altcoins Dipped: ETH Traded Below $2200
The alternative coins mimicked BTC’s performance in the past 24 hours. Ethereum, fell by more than $300 in hours from over $2,500 to beneath $2,200 on some exchanges such as Binance. Nevertheless, ETH has also recovered slightly and currently trades above $2,300.
Binance Coin (BNB) dropped below the $300 mark but has slightly recovered most losses to $313.
Cardano (ADA) and Ripple (XRP) are the only evident exception with a significant price increase of approximately 8% each. As a result, ADA trades above $1.6 and Ripple at $0.9.
During the most violent state of yesterday’s crash, the crypto market cap had dipped to $1.4 trillion from $1.6 trillion.
