Bitcoin’s price rose above $71,000 minutes ago, while XRP and other altcoins have delivered massive double-digit daily gains.
What a ride it has been in the cryptocurrency space lately. The quick and sharp moves continued as of press time, as BTC skyrocketed to over $71,000, just under a day after falling to $60,000.
The altcoins are now well in the green on a daily scale, and the total crypto market cap is up by about $200 billion from the lows earlier this morning.
The Bitcoin price chart from above paints a very clear and volatile picture. This shows that the cryptocurrency has fallen by around $30,000 in just over a week – from last Wednesday through Friday morning.
As reported earlier today, popular analysts blame this latest crash, which saw Bitcoin fall from $77,000 to $60,000 in about 24 hours, on emotional selling and structural changes rather than broken fundamentals within BTC and the crypto market.
Since then, BTC has been on a tear. It added more than $10,000 since this morning’s multi-year low, recently surpassing $71,000 before being halted and now trading inches below that.
The altcoins have delivered even more impressive gains, with XRP leading the way. Ripple’s cross-border token is up 19% daily to over $1.50 at the time of writing, while ETH has regained the psychological $2,000 level.
The total value of the destroyed positions still exceeds $2 billion daily, but most of that comes from longs, which occurred before today’s recovery. Nevertheless, over $350 million worth of shorts have been destroyed in the last twelve hours, with BTC responsible for the lion’s share ($261 million).
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