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Bitcoin Recovers Above $56,000 as Altcoins Also Rebound: Weekend Watch

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It’s safe to say that the cryptocurrency market has been through a lot in the past few days, with prices dropping to levels not seen since February.

It appears that the bulls are now attempting a comeback or at least a slight recovery.

Bitcoin Price Surges Above $56,000

At the time of writing, BTC is trading above $56,000, registering an increase of around 4% over the last 24 hours.

The cryptocurrency had earlier crashed to a 5-month low of $53,550, but bulls managed to fight back and reclaim around $3,000 from the lows.

Source: TradingView

The correction came amid growing fears of increased selling pressure as Mt. Gox began paying back its creditors, as well as the German government continuing to liquidate BTC it seized years ago in a high-profile case.

Altcoins also rebound

The majority of altcoins are also attempting a recovery and have managed to bounce back from recent lows.

Source: Quantify Crypto

As the heatmap above shows, the market is completely green. AVAX is up 12%, as are TON, DOGE, and PEPE.

Shiba Inu (SHIB) – the popular dog-themed meme currency – has managed to recover 15% of its value.

Large-cap cryptocurrencies such as Ethereum, Binance Coin, Solana, Bitcoin Cash, MATIC and others are showing gains between 4.5% and 10%.

Overall, the market is obviously taking a breather, but it will be interesting to see if this lasts all week or if another wave of selling is coming.

It is worth noting that many experts have called the recent correction normal and have also reminded that 30% declines have happened far too often in the past during bull markets.

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Disclaimer: The information found on CryptoPotato is that of the authors cited. It does not represent the opinions of CryptoPotato on buying, selling, or holding any investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for more information.

Cryptocurrency Charts by TradingView.

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