Elon Musk had recently sent out a tweet that summarised his current opinion of Bitcoin (BTC), claiming that he was ‘heartbroken. As such, inexperienced traders and investors went into panic mode as they are prone to do whenever the billionaire and Tesla CEO posts anything on social media, and the overall value of Bitcoin along with its price took a slight dip as a result. Thankfully though, the market seems to have since recovered from this, and BTC is currently trading at $37,885, which is a 3.5% increase since yesterday and a 6.2% increase within the past week. Most of the altcoins are also in the green right now, thanks to the slight improvement by BTC.
The market has thus managed to recover almost $100 billion as the world’s flagship crypto inches closer to $38,000. Ethereum (ETH) has since gotten close to the $2,800 mark, and Binance Coin (BNB) has spiked to over $400.
BTC Gradually Recovering
BTC had been performing relatively well before Elon’s tweet, which was around the time when the digital asset had steadily risen to go over the $37,000 mark temporarily. In fact, bulls had managed to drive the cryptocurrency to a 6-day consecutive high of approximately $39,500. However, this seemed to be the peak. Then the tweet happened, and the price began to decrease.
After Elon’s ‘meme’ based tweet was released, BTC had dipped by over $4,000 to a 24-hour low of just about $35,500. Thankfully, the bulls came to the rescue once again and pushed the crypto to its current amount. The market capitalization had also managed to reclaim nearly $700 billion since.
Altcoins are performing well
Other than BTC, various altcoins had suffered as the correction went on, with ETH in particular dipping beneath $2,600. BNB had dropped to just below $370 before experiencing the aforementioned spike and recovering lost ground.
In related news, a number of other altcoins are now doing relatively well, too, with DOGE up by 5.5%, UNI up by 5%, XRP up by 5%, ADA up by 6%, LINK up by 5%, and BCH up by 3%. These altcoins are all in the green and are looking forward to continuing the current wave of upward momentum.
Also, Theta Fuel, as well as Curve DAO Token, have been the ones to experience the most significant daily gains, with both of the assets increasing to the respective amounts of $0.5 and $2.75 after going up by 25%.