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October 4, 2022
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Guide & Analysis

High in the crypto market: Bitcoin recovers $ 56,000 and Ethereum returns to $ 1,700

Bitcoin takes another step up by surpassing $ 56,000, Ethereum recovered $ 1,700, while BNB jumped another 9% to $ 275.

After another drop to $ 54,000, Bitcoin rebounded and added more than $ 2,000 in value, reaching $ 56,000. Some altcoins have seen even more impressive gains in the past 24 hours, led by the 9% increase in Binance Coin to $ 275.

BTC resumes $ 56K

After mid-week price drops, when it dropped from over $ 57,000 to a three-week low, just over $ 50,000, Bitcoin’s value was gradually increasing.

Even fears that the record $ 6 billion worth of options contracts that expired on Friday would insert greater volatility that could plummet the price did not shake the first cryptocurrency.

Exactly the opposite, BTC continued its rise, which led to an overrun of $ 55,000, as reported yesterday. However, the bears were approaching and put some pressure on them that resulted in the drop to $ 54,000 once again.

This was short-lived, as the primary cryptocurrency has since recovered. In the following hours, BTC jumped to an intraday high of $ 56,500. That mark was short-lived for Bitcoin with a drop of a few hundred dollars, but it is still above $ 56,000.

Interestingly, the Santiment data show that general weighted social sentiment still indicates that Bitcoin and Ethereum are in bearish territory. However, the analyst said that prices typically “move in the opposite direction to crowd expectations”, which could mean future price increases for the two largest digital assets.

Bitcoin and Ethereum Social Sentiment vs. Price. Source: Santiment

ETH recovers $ 1,700: BNB up 9%

While the community may be expecting some short-term price drops for Ethereum, as mentioned above, the cryptocurrency has actually appreciated slightly since yesterday. As a result, ETH jumped to more than $ 1,700. A few days ago, the asset dropped to around $ 1,550.

Litecoin (1%) and THETA (5%) also rose in the top ten to $ 185 and $ 13, respectively. Binance Coin is the most impressive winner of the most capitalized altcoins, with an increase of 9%. Consequently, BNB increased to $ 275 after dropping to $ 225 on Thursday.

Cardano (ADA), Polkadot (DOT), Ripple (XRP) and Uniswap (UNI) remained essentially stagnant on a 24-hour scale.

Cryptocurrency Market Overview. Source: Quantify Crypto

Overview of the cryptocurrency market. Source: Quantify Crypto

Further fluctuations are evident in mid and low capitalization altcoins, as expected. HedgeTrade entered the top 100 currencies by market cap after a 50% jump in one day to $ 2.1.

Storj has gone up 48% since yesterday and a whopping 270% in a week.

Ankr (39%), Helium (25%), PancakeSwap (22%), ICON (21%), Ontology (14%), Solana (12%) and Curve DAO Token (11%) are next.

Ultimately, the cumulative market capitalization of all cryptocurrency assets added $ 60 billion in one day, to $ 1.770 trillion. It also means that the metric rose $ 170 billion in four days.

Source: CryptoPotato

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