Bitcoin flies back above $56,000 as Solana Leads Crypto Market

Bitcoin (BTC) flew back above $56,000 earlier today, much of the crypto and traditional market saw a recovery. CoinMarketCap data… Continue reading Bitcoin flies back above $56,000 as Solana Leads Crypto Market

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Bitcoin (BTC) flew back above $56,000 earlier today, much of the crypto and traditional market saw a recovery.

CoinMarketCap data shows that Bitcoin is up 2.33% over the last 24 hours (as of publishing time) after losing nearly half of the day’s recovery. As of press time, the world’s first cryptocurrency was trading at just over $56,000 after losing 15% of its value over the last seven days.

Ethereum (ETH) is trading nearly 3% up over the last 24 hours but also was more than 24% down over the last seven days. As of press time, CoinMarketCap data shows that the coin that unleashed the smart contract on the world is trading at just over $2,500.

Solana (SOL) leads the pack, with 11.5% of gains over the last 24 hours recovering most of the nearly 20% lost over the last seven days. According to CoinMarketCap’s price feed, SOL is currently trading at $145.

Broader crypto market outlook

According to CoinMarketCap’s global charts, the broader cryptocurrency market went from $1.92 trillion to its current value of $1.99 trillion. In other words, the crypto market saw a $70 billion capital injection.

The recovery seems to follow traditional markets as well, Japan’s Topix saw its value increase by about 10%, while the yen lost against the United States dollar following five days of increase. The S&P 500 rose 1.5% and Nasdaq 100 appreciated 2.1%. Ruslan Lienkha, chief of markets at YouHodler, told CoinDesk:

We might see a corrective rebound in Bitcoin’s price. […] However, this increase will likely be limited due to the prevailing pessimism in the broader markets.

Lienkha further explained that “the recent drop in Bitcoin’s price is not significantly worse than the decline in the Nikkei index.” According to him, this means that “the current sentiment is driven by external factors rather than issues within the crypto market itself.” He concluded:

It is unclear if we are entering a bearish market, and much will depend on the performance of the equity markets this month.

Featured image via Ideogram

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