After several days of slaughter, bitcoin finally kicked off an impressive rally, resulting in a daily green candle at $6,000. Most altcoins also joined the ride, with massive price increases from Cardano, Polkadot, Avalanche and others.

Bitcoin touches $30K

The volatile nature of the cryptocurrency market has been quite apparent in the last ten days. On May 5, bitcoin hovered near $40,000, with the community anticipating another price jump.

However, the reality was significantly more brutal and violent. BTC first dropped $4,000 in hours before dipping below $34,000 just a few days later. After marking this multi-week low, Bitcoin continued to lose value and found itself dipping below $30,000 for the first time since last July on May 10.

Despite initially bouncing, predominantly bearish market sentiment drove the cryptocurrency south again. This culminated yesterday in a sharp price drop to $25,300, the lowest position BTC has been in since December 2020.

At that moment, however, the bulls remembered his presence. They intercepted the move and drove BTC higher. In fact, bitcoin spiked by around $6,000 to an intraday high of $31,000 recorded a few hours ago.

As of now, BTC has pulled back a bit but is still above the coveted $30,000 mark. As such, its market capitalization has approached $600 billion.

BTCUSD. Source: TradingView

ADA, DOT, AVAX Lead Alternative Recovery

Altcoins suffered even more during this correction, but the market has turned green today.
Ethereum fell to $1,800 yesterday but remained above $1,900 for most of the day. ETH is now well above $2,000 after a 7% daily surge.

Binance Coin also dumped hard but is now trading around $300 after a 17% surge. Similar price increases are in evidence in Ripple, Solana and Dogecoin.

Cardano, Polkadot, Avalanche, and Shiba Inu have shown even more impressive daily gains. ADA is up 28% and trading near $0.6, DOT is at $10 (up 26%), AVAX is also up 26% and SHIB (23%) is at $0.000013.

Needless to say, Terra is down another 99% in the last 24 hours and is now below $0.0004.

However, the crypto market capitalization has recovered $150 billion from yesterday’s low and is now at $1.3 trillion.

Overview of the cryptocurrency market. Source: quantify crypto

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Cryptocurrency charts from TradingView.

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