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16 May 2021
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Weekend Recovery: Bitcoin Rebounds $3K After Hitting 16-Day Low, ETH Eyes $1,500

First signs of recovery for the struggling crypto market as bitcoin added more than $3,000 in the past 24 hours, while ETH targets $1,500. ADA spiked to top 3 by market cap

Following more adverse developments in which BTC dipped to $44,000 as of yesterday, the asset has reclaimed some ground by overtaking the $47,000 mark. Most altcoins have also taken a breather after the latest beating, with Cardano and Polkadot exploding with double-digit percentages.

Bitcoin Recovers $3K After Hitting 2.5-Week Low

The working week didn’t go well for the BTC bulls as the asset plummeted by more than $13,000 in the first few days. After dropping to $45,000, the cryptocurrency bounced off initially and even reclaimed $50,000.

However, the bears were still the driving force and pushed the price south again. Consequently, bitcoin fell even more over the past 24 hours to a low of $44,200 (on Bitstamp). This became the lower price tag since February 11, according to Bitstamp.

Nevertheless, the bulls reacted at that point and initiated a leg up that resulted in a $4,000 increase. As of writing these lines, bitcoin has retraced slightly, but it’s still 2% up since yesterday and is above $47,000.

The technical aspects indicate that BTC could rely on the support levels at $44K, $42,760, and $41K in case more bloody price action comes. Alternatively, bitcoin could resume its 2021 bull run by conquering the resistance lines at $47,200 (current level), $48,000, and $50,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green: DOT and ADA Surge

The altcoins suffered even more over the past several days, as the total market cap lost nearly $400 billion this week alone. Like BTC, most are well in green in the past 24 hours, and the market has added about $100 billion.

Ethereum is 5% up and has neared $1,500. Binance Coin – BNB (7%), Ripple (4%), Litecoin (6%), and Chainlink (6%) have also bounced off yesterday’s drops and have added substantial chunks of value.

Above all, on behalf of the large-caps, Polkadot (DOT) and Cardano (ADA) have massively outperformed the rest of the top ten. DOT has surged by almost 20% to $34, while ADA has skyrocketed by over 30% to a new 3-year record high of $1.3. Moreover, ADA has surpassed BNB and has become the third-largest digital asset by market cap.

Interestingly, a Dubai-based crypto investment fund recently announced that it would dispose of its BTC holdings to purchase precisely the two biggest gainers today – Polkadot and Cardano.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More fluctuations are evident from the lower- and mid-cap altcoins. Reserve Rights leads upwards with a 35% surge, followed by Polygon (30%), Elrond (26%), Stacks (16%), Basic Attention Token (16%), and SushiSwap (15%).

In contrast, Fantom has lost the most since yesterday after a 19% drop. Voyager Token (-8%), Ravencoin (-6%), and Celsius (-5%) are next.

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