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Bitcoin Recovers Above $39K as Altcoins Post Double-Digit Gains

Fri, 02/25/2022 - 16:08
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Tomiwabold Olajide
Bitcoin held onto its recovery from one-month lows of $34,322
Bitcoin Recovers Above $39K as Altcoins Post Double-Digit Gains
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As per CoinMarketCap data, the cryptocurrency market is once again a sea of green after yesterday's steep sell-off. Bitcoin rose above the $39,000 mark as most altcoins recorded double-digit gains. This follows a steep sell-off a day earlier that saw nearly $200 billion wiped off the market.

CoinMarketCap Data
Courtesy: CoinMarketCap Data

At press time, Bitcoin was trading nearly 11% higher at $39,251, after reaching intraday highs of $39,716. Bitcoin had fallen as low as $34,322 in the prior day. Top cryptocurrencies, including Ethereum, XRP, Cardano, Terra (LUNA), Shiba Inu and Dogecoin saw solid gains as well.

As a wide reversal in U.S. stock markets drove key indices to close higher, Bitcoin held onto its recovery from one-month lows of $34,322. Cryptocurrencies benefited from the upward trend in prices.

Alternative cryptocurrencies led the broader crypto market recovery, having taken a bigger hit during the market sell-off. LUNA, FTM and Tezos were among the notable gainers in the top 50.

Meme coin Shiba Inu has gained over 8% over the last 24 hours, according to data provided by CoinMarketCap. The token is currently trading at $0.000024. Rival joke-coin Doge has also recorded gains over the same period, rising by about 7%.

TradingView Chart
BTC/USD Daily Chart, Courtesy: TradingView

Analysts believe that Bitcoin's surprising rebound could also be the result of a so-called short squeeze. Several altcoins experienced a ''short squeeze'' after reaching oversold conditions.

On-chain analytics firm Santiment earlier reported that several assets, such as ADA, MATIC, CRO and LINK, look particularly oversold.

The Crypto Fear & Greed Index, measuring market sentiment, has improved from yesterday's ''extreme fear.'' At press time, the index measured just 27/100—characterizing "fear," a slight rebound from yesterday's ''extreme fear.''

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.