The cryptocurrency market has been stuck in a rut since peaking in early November. The weekend has brought some relief to the market, with most major cryptos turning green.
Bitcoin On The Mend: After breaking below the $47,000 level intraday, Bitcoin (CRYPTO: BTC) is on the recovery route and is currently on its way back to reclaiming the $49,000 level.
The most valued crypto is regaining its footing after reaching its all-time high of $68,789.63 on Nov. 10. In the aftermath of the first reports of the omicron variant, it dipped to $42,874.62 on Dec. 4, marking a peak-trough decline of about 38%. Bitcoin has since then staged a modest recovery.
Altcoins Get A Modest Lift: Most major altcoins have followed Bitcoin higher. Ethereum (CRYPTO: ETH), the second most valued crypto, is also trading higher.
NEAR Protocol (CRYPTO: NEAR) is on a tear, rising over 18% over the past 24 hours. COSMOS (CRPTO: ATOM), Gala (CRYPTO: GALA), EOS (CRYPTO: EOS), Quant (CRYPTO: QNT) and Oasis Network (CRYPTO: ROSE) were all advancing over 10%.
Among the other notable gainers in the altcoin bracket are Cardano (CRYPTO: ADA), Polkadot (CRYPTO: DOT), Crypto.com (CRYPTO: CRO), Litecoin (CRYPTO: LTC), Uniswap (CRYPTO: UNI), Chainlink (CRYPTO: LINK) and Monero (CRYPTO: XMR).
ERC20 (CRYPTO: ERC20), SafeMoon Inu (CRYPTO: SMI), YUMMY (CRYPTO: YUMMY), Doge Floki Coin (CRYPTO: DOFI), Green Shiba Inu (CRYPTO: GINUX) and Son of Shib (CRYPTO: SON) were among the meme coins that were advancing notably.
What’s Driving The Rebound: The reversal in sentiment could be attributed in part to bargain hunting. Friday, the crypto market came under further pressure after Chinese real estate firm Evergrande defaulted on its U.S. dollar debt.
It isn’t advisable to read too much into weekend moves, given cryptos gyrate amid high volatility due to low volumes and a lack of access to capital that limit the ability of traders to meet margin calls.
At last check, Bitcoin was up 3.07% at $48,994.23.