Bitcoin price hovers beneath the $45,000 price level on Friday. However, the overall crypto market appears in a recovery mood. The positive sentiments over the past 24 hours had most top tokens trading in green. Bitcoin, the leading crypto, trades at $44,369 early today. That was after the currency gained 1.48% in one day.
Though the upside price moves, BTC remains low in a week. The asset lost 7.10% over the previous seven days (Coinmarketcap data). On the other part, BTC’s market dominance stands at 42.14%, indicating a 0.19% increase over the past 24 hours. Keep in mind that the recent crash came due to fears related to Evergrande’s financial calamity.
The recent price moves in the crypto space had the global market capitalization stands at $1.99 trillion. That was after the market increased its value by 1.62% in one day. Furthermore, the crypto volume in the past 24 hours hovers at $100.9 billion, translating to an 11.28% slump.
Top digital tokens rode bullishness since yesterday. Bitcoin and top alternative coins saw gains as the market battles to recover from the recent crash. Ether gained 0.40% over the past day to hover at $3,095. Similar to most tokens, the altcoin still trades lower in seven days, losing 13.01%. Also, ADA surged 2.05% in a 24-hour duration to $2.29 while displaying a 5.04% plunge in one week.
While writing this content, Tether holds at $1.00, staying in green on the heat map. It is the only currency in the top ten that traded high over the past week, up 0.01%. As always, analysts expressed their thoughts on the current crypto condition.
Commenting on ETH and the alt market, WazirX COO Siddharth Menon said the Ether is creating a handle of the previously formed classic cup shape. The altcoin has hovered at the range from $2,700 to $4,000 for two weeks. If the crypto breaks past this zone to the upside, buying momentum will surge, boosting uptrends on other alternative coins.
Menon added that the global market cap nears $2 trillion as attention shifts to the dollar index. Remember, a weak dollar index strengthens the cryptocurrency market. Meanwhile, the crypto market sees brief upsurges after the latest sell-off that saw some assets dropping up to 20%.
James Thompson