After dropping almost $4,000 in one day, bitcoin reacted well and bounced back above $46,000. Most of the altcoins are also in the green today. Impressive gains are evident on Ethereum, Binance Coin, Solana, Avalanche, NEAR Protocol, Axie Infinity, and others.

Bitcoin recovers $46K

Last week began with a notable bitcoin price surge as the asset soared from $45,000 to just under $48,000 to mark its highest price since early January. At first he failed to break through that level, but managed to do so a day later.

After hitting a three-month high, the cryptocurrency stalled over the next few days, hovering between $47,000 and $48,000. This changed on March 31 when BTC dropped from $47,700 to just over $44,000 in a matter of hours.

However, bitcoin reacted well to this price drop and began to recover value almost immediately. As such, it shot up to $47,000 and up a few hours ago. Despite slipping back to $46,600 at the time of this writing, BTC is still up over 3% on the day.

BTCUSD. Source: TradingView

AXS and NEAR lead the way

Altcoins suffered just as badly yesterday, but the current situation is very different.

Ethereum fell to around $3,300, but a 6% rise since then has brought the second largest cryptocurrency to just under $3,500 as of now. This is the highest price level of ETH in almost three months.

Binance Coin has added around 5% in value in the last 24 hours and stands at a two-month high of $450. The most impressive gains came from Solana (7.5%), Terra (6%), Avalanche (7%), Dogecoin (5%), Shiba Inu (6.5%) and MATIC (5%).

Ripple, Cardano and Polkadot are also in the green but with slightly more modest gains.

NEAR Protocol and Axie Infinity have stolen the show. NEAR is up nearly 20% and is trading above $15. Axie Infinity is up around 12% on a daily basis, despite the recent attack on Ronin, and stands above $70.

The crypto market capitalization has recovered roughly $100 billion since yesterday and is above $2.15 trillion once again.

Overview of the cryptocurrency market. Source: quantify crypto

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Cryptocurrency charts from TradingView.

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