After crashing to a three-month low of $1.230 trillion last week, the total market cap of the crypto industry has recovered $300 billion, with Bitcoin closing in on $40,000.
As reported by BTC PEERS, Bitcoin and other cryptocurrencies crashed a few days ago on the news that China was cracking down on Bitcoin mining and trading activities. The leading cryptocurrency fell sharply to the $30k region. However, after several days of pain for Bitcoin bulls, it appears the digital asset is ready to recover.
As of press time, Bitcoin was trading at over $37,000 after reaching an intra-day high of $39,835. Bitcoin’s dominance has already reclaimed 40% and is currently above 43%.
Other top altcoins have also seen an impressive recovery. Although Ethereum dumped to a low of $1,750 amid the crash, it has reclaimed $2,000 and currently stands above $2,600. Binance Coin, which also nosedived to $210, has rebounded to $331.
In general, most large-cap altcoins have mimicked these recovery moves.
Are the bulls back in the game?
Looking at the cause of the recent crash, one could argue that Bitcoin could dip even further. For one, the entire reacted to a single line of comment from China’s Financial Stability and Development Committee. No official announcement or roadmap has been released with regards to the supposed crackdown.
A move from Chinese regulators to seriously crackdown on crypto mining could send prices falling even lower.