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December 9, 2022
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Guide & Analysis

Crypto market recovers: Bitcoin targets $38,000 while Ethereum hits $2,800

The crypto market is recovering well after its last crash, valuing nearly $100 billion.

Bitcoin bounced back after Elon Musk’s last negative engagement and hit close to $38,000. Most altcoins have risen sharply in the past 24 hours, with ETH trading around $2,800 and BNB above $400.

Crypto market recovers along with Bitcoin

After the previous weekend when the BTC dropped below $34,000, the asset performed well during the working week. It gradually increased for a few days in a row and even surpassed $37,000.

Over the week, bulls took the BTC to a high of about $39,500, but as has happened several times in recent weeks, the asset has failed to stay in that range. Just the opposite – bitcoin started to recede heavily after another tweet controversy of the CEO of Tesla.

Following a Linkin Park reference and a heartbreak tweeted by Musk, the cryptocurrency dropped $4,000 to a daily low of $35,500.

However, the bulls intensified again at this point and pushed north. The BTC is now trading in the $37,500 range and its market capitalization has regained $700 billion.

Altcoins in green

Altcoins suffered even more during the market correction yesterday. Ethereum fell well below $2,600, but rebounded impressively and is currently around $2,800.

Binance Coin also fell sharply and fell below $370. However, the BNB was the most soaring in the top ten in the last 24 hours, after a 10% increase. As a result, the asset recovered $400 and now stands at $420.

Cardano (6%), DOGE (5.5%), XRP (5%), DOT (7%), UNI (5%), BCH (3%) and LINK (5%) are also well in the green.

Crypto market recovers: Bitcoin targets $38,000 while Ethereum hits $2,800 23

Theta Fuel and Curve DAO Token are the most impressive gainers on a 24-hour scale. Both assets increased 25% to $0.5 and $2.75, respectively.

Siacoin (15%), Solana (13%), KuCoin Token (13%), PancakeSwap (12%), THETA (12%), IOTA (11%), Nexus (10%) and Telcoin (10%) also appreciated .

All in all, the crypto market capitalization has recovered just over $80 billion since yesterday and is above $1.7 trillion.

Source: CryptoPotato

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