Bitcoin pushes back after market dip, crosses $40,000 mark

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The cryptocurrency market nears previous trading levels before the market dip as Bitcoin and other altcoins rally significantly. Bitcoin is currently trading at $41,500, after trading for as low as $30,000 in the market bloodbath of May 19th, 2021. This represents a 38% gain within 24 hours. The flagship crypto is still down by 18% from the last 7 days, however.

Altcoins have also seen significant recoveries as Ether is currently up 33.51% from yesterday’s bottom of $2,170 to currently trade at $2,900, at the time of writing this report.

READ: Football fans cashing out with Crypto as Juventus’ fan token rises by 596.98%

The total cryptocurrency market capitalization declined to as low as $1.47 trillion yesterday during the market crash, but today, it is currently up 26.53% to $1.86 trillion. The market is close to the trading levels it fell from before the market dip which was within the $1.90 – $2 trillion range.

The altcoin market capitalization has also gained, currently up 41.33% from a bottom which saw the market capitalization slide below $1 trillion to trade for as low as $775 million. The market capitalization is currently back above $1 trillion, hitting $1.07 trillion at the time of writing this report.

READ: Bloody Sunday: Over 1 million investors liquidated, altcoins crash by 20%

Cardano’s ADA led the altcoin recovery, recovering over 75%. The coin is currently trading at $1.88, a price point it was trading at a few weeks ago.

READ: SOL hits all-time high as BTC slumps further

Dogecoin, the cryptocurrency meme coin, has also seen recoveries of over 55% and currently trades at $0.41. This momentum was also hastened by Tesla’s CEO, Elon Musk, who took to Twitter, suggesting that DOGE will get to $1.