Recovery: Crypto Markets Regain $100B, LUNA Spikes 15%

While bitcoin has spiked by around 5% in a day, some altcoins, such as LUNA, AVAX, and ADA, have marked significantly more impressive gains.

Following a few consecutive days of price dumps, bitcoin reversed its trajectory and added more than $2,000 in hours. The altcoins have also turned greed today, led by impressive price pumps from Terra, Avalanche, and Cardano.

Bitcoin falls into the 30k’s.

The past several days didn’t go well for the largest cryptocurrency, especially after losing the coveted $40,000 mark during the weekend. The landscape only worsened in the following hours as BTC slumped to its lowest price position since the beginning of February at just over $36,000, as reported yesterday.

This came amid the growing number of bearish signs, as pointed out by Glassnode, including the declining interest and demand from retail investors. Moreover, the number of non-zero addresses decreased by approximately 220,000 wallets.

However, BTC typically tends to defy the odds when backed against the wall, and the past 24 hours didn’t disappoint. Instead of further dumping in value, bitcoin went on the offensive and surged by nearly $3,000. As a result, the cryptocurrency touched $39,000. Nevertheless, BTC is still down by more than 10% on a weekly scale, and its market capitalization has remained below $750 billion.