Bitcoin Bounces Above $21K After A Rough Week, Crypto Market Gains $50 Billion

Nigerians beat CBN restrictions, trade N78bn Bitcoin in three months

Bitcoin against high odds reacted favourably to the big decline and new 18-month low. It began to regain some ground in the hours that followed, and it is now hovering just over $21K, implying a gain of about $3,000.

The global crypto market valuation presently stands at about is $927 billion at the time of drafting this report thereby posting a gain of 5% or about $50 billion for the day

The leading cryptocurrency has had a rough week, falling from over $30,000 to below $20,000 in less than a week. This past weekend was particularly damaging, as BTC fell below its 2017 all-time high and continued to plummet to new lows.

Bitcoin Bounces Above $21K After A Rough Week, Crypto Market Gains $50 Billion

On Sunday morning, this culminated in a price drop to $17,500, leading in almost $600 million in liquidations from over-leveraged speculators.

As a result, its market valuation is approaching $400 billion, and it has a 43% market share over altcoins.

Data from analytics firm, Glassnode highlighted investors have sold bitcoin positions worth a record $7.3 billion in the last few days, resulting in the largest U.S. dollar-denominated losses in the asset’s history.

According to Glassnode, realized loss refers to the overall loss (in US dollars) of all moved coins whose price at their previous movement was higher than the price at the present movement.

About 555,000 bitcoins have thus traded hands between $18,000 and $23,000, a major support and resistance level for the asset during the past few days, according to the firm. Data suggests that daily losses ranged from $1.5 billion to $2 billion.

At one point, Ethereum had lost more than half of its value in a week, reaching $900 for the first time in almost a year. ETH, on the other hand, is now one of the most significant daily gainers, having risen by 16% to a little over $1,100.

BNB fell below $200 during the weekend, but a daily increase of 9% has lifted it up to $210 as of this writing. Solana often tagged the Ethereum killer is another large-cap altcoin that has seen double-digit gains (15%).