The crypto market cap recovered more than $300 billion since last week’s low.
Although the extreme volatility from the previous few weeks has seemingly disappeared, at least for now, BTC’s latest price swings show a more promising picture, with the asset climbing above $92,000 earlier today.
But before we head into these developments, let’s quickly recap what transpired in the crypto markets exactly a week ago. Bitcoin had already corrected by more than $15,000 since November 11, when it topped $107,000, but the bears kept the pressure on and drove it south even harder last Friday.
At the time, the cryptocurrency plunged to a seven-month low of under $81,000, losing more than 35% of its value since the early October all-time high. Naturally, many questioned whether the bull run had ended.
However, bitcoin finally halted the freefall during the weekend and stabilized around $84,000. Its gradual recovery continued as the new business week progressed, and BTC knocked on the $88,000 door on a couple of occasions by Wednesday. Although it met immediate resistance there, it managed to break through at the end of the business week and even spiked above $90,000 on Thursday and early Friday.
The bulls continued to drive the asset north, which culminated in a price surge above $92,000 minutes ago. This means that BTC has recovered well over $10,000 since last Friday’s low, and its market cap has climbed to almost $1.850 trillion. Its dominance over the alts stands tall at 57.1% even though some, such as XRP, BCH, XMR, and AVAX, have outperformed it weekly.
In contrast, the recent high-flyer ZEC has plunged by over 25% since this time last Friday and trades well below $500. Nevertheless, the total crypto market cap has gained over $300 billion since that low and is up to $3.230 trillion now.
This impressive recovery could be challenged in the next month, as history suggests that December hasn’t been kind to BTC and the rest of the market.
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Market Data
Market Cap: $3.230T | 24H Vol: $116B | BTC Dominance: 57.1%
BTC: $92,250 (+9.7%) | ETH: $3,070 (+12%) | XRP: $2.21 (+14.5%)
This Week’s Crypto Headlines You Can’t Miss
Europe’s Largest Asset Manager Launches Tokenized Fund on Ethereum. Amundi, the largest asset manager in Europe, has tapped Ethereum to launch the first tokenized share of a money market fund in the Old Continent called AMUNDI FUNDS CASH EUR.
Binance XRP Reserves Sink to All-Time Low: Good or Bad for Ripple’s Price? Ripple whales continue with their rather odd behavior. Aside from selling substantial portions of their token holdings, they recently withdrew over 300 million XRP from Binance, which brought the exchange’s reserves to a new all-time low.
Tether CEO Fires Back Following Low S&P Rating. Legacy organizations have attacked the cryptocurrency industry again this week, with the S&P Global Ratings assigning a 5 (weak) score to Tether’s USDT on its stablecoin stability scale. Tether’s CEO, Paolo Ardoino, was quick to fire back, saying his company would “wear your loathing with pride.”
Has Bitcoin Really Bottomed? Analysts Weigh In. After losing over $25,000 in the span of just ten days and plunging below $81,000, many cryptocurrency analysts started to speculate on whether BTC has already bottomed. This article dives into technical aspects and social media sentiment to determine whether that’s the case.
Robert Kiyosaki Cashes Out Bitcoin: What’s Behind His Surprising Decision? A few weeks back, the popular author said he would not sell any BTC. Seven days later, he said he “sold $2.25 million in Bitcoin.” Kiyosaki added that he would use the proceeds to buy two surgery centers and invest in a billboard business, and will use the monthly cash to accumulate more BTC.
JPMorgan Rumored to Short MicroStrategy, Igniting Crypto Frenzy. Speaking of legacy organizations going after the industry, reports emerged in the past week that the world’s largest bank had shorted Michael Saylor’s Strategy, which opened an intense debate on social media.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
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