This morning Bitcoin (BTC) surged to a peak of $16,930 and the total cryptocurrency market cap hit a high of 603 bln, after a steady past couple of days of growth. The market recovery comes in the wake of a major dip at the end of last week that was followed by several days of volatility.
Just last Friday Dec. 22, in the midst of pre-holiday bustle, the cryptocurrency market was awash in red.
Altcoins lost up to 40 percent, and Bitcoin was close behind, suffering a 30 percent drop and reaching as low as $11,833 a coin. In a single day, the total cryptocurrency market cap decreased by more than $200 bln.
Just days before on Dec. 17, Bitcoin reached a record high of $20,078 and leading up to the crash Bitcoin price had been hovering between $16-17,000.
What followed was several days of volatility. Just 24 hours after the frightening dip, the market saw a notable bounce back. The recovery, however, was not stable and was quickly followed by another dip leading into Christmas day.
Since then, however, Bitcoin has been gaining steadily and has fully recovered its pre-dip heights, trading at an average of just over $16,000 at press time.
Total market cap, which also spiked and then dipped again over the weekend, has been steadily growing since Monday. At press time total market cap also showed an almost full recovery, at $603 bln.
Many Bitcoin investors saw Friday’s dip as the perfect chance to buy up more of the leading cryptocurrency at a “discounted” price.
Others pointed out that the overall market correction around the New Year is nothing new, and noted that corrections like the one on Friday are actually just what the market needs.