The market cap of the most popular crypto asset fell below its support level to trade below the $6k level over the weekend. Despite its dismal performance, analysts believed that a rebound was possible at the $5900 level. A popular Twitter analyst advised his followers to trade long at the $5900 level for “infinite cash” as the buy orders at this level far exceed the sell orders.
At the time of writing, most cryptocurrencies are in recovery mode. Bitcoin bounced off the $58,80 low it reached late Sunday to trade at $6,400. This is an increase of about 5.68%. As Bitcoin has been a walking guide for the rest, the market has also recovered. Other crypto assets like Ethereum, XRP and Litecoin have also recovered in a similar fashion since early morning.
Market cap for the crypto-sector, which had been at $184,446 trillion on Friday, plunged by 4.7% and now stands at $172,779 million. At the moment, it is at $176,788,580.908. In the past 24-hours, BTC traded volume showed signs of recovery. It rose slightly from its $30.02 billion value to $36.5 billion. Bitcoin dominance remained at 65.64%.