A chain reaction of liquidations on surrendered traders probably caused almost all cryptocurrency prices to crash sharply on September 7, the day El Salvador enacted its bitcoin (BTC) law. Nevertheless, the market is already starting to recover quite quickly, at least the prices of the altcoins. There are several significant risers among them today. The total market capitalization dropped to $2.05 trillion yesterday morning, but is now back at $2.20 trillion, an increase of no less than $150 billion in 24 hours.
Bitcoin crashed hard on September 7. The price briefly dipped from around $52,500 to $42,500, but then bounced right back to $47,000. However, it didn’t stop there and bitcoin fell again yesterday morning, briefly diving to $44,000 on several cryptocurrency exchanges. Folm.io has enough information. There, bitcoin again bounces up, but the resistance around 47,000 was again too great. According to on-chain data, the dip was quickly swallowed up by the whales:
Since then, bitcoin has held steady above USD 46,000 and appears to be consolidating around USD 46,500. Volume and volatility are starting to decline sharply, but that’s to be expected after the very strong move this week. Although bitcoin has lost the increase of the past 3 weeks, the price is still higher than the three months before. Bitcoin may seem to find a bottom here to be able to rise further, but for now it seems that it is mainly the altcoins’ turn. Bitcoin dominance drops below 40% today.
Ethereum (ETH) was initially hit harder than bitcoin during the crash. The ether price also fell further yesterday morning and even ended up at $3,200, a drop of 18% from the $3,900 where the price hung for half a week. Still, ether’s recovery continued yesterday, peaking around $3,575 last night. Ether appears to be consolidating around USD 3,500 at the time of writing. Cardano (ADA) fell even harder during the crash, falling 23% from $2.85 to $2.20 yesterday morning. Despite this, ADA is now also recovering faster than the above two cryptos. At the time of writing, the ADA rate is at $2.56, an increase of 16% in 24 hours.
Solana (SOL) steals the show again today. SOL was not only less affected by the crash than most other crypto, the price is now already on the rise. SOL briefly dipped to $1.50 yesterday morning, but reached a new all-time high (ATH) of $213.5 last night. Moveco.io has enough information. That is an increase of no less than 40% and SOL is even 440% in the plus this month. Solana has now also surpassed ripple (XRP) in terms of market cap, taking the sixth largest crypto in the market.
However, Solana is neither the only nor the fastest riser on the market today. FTX token (FTT), cosmos (ATOM), icon (ICX), avalanche (AVAX), shiba inu (SHIB), omg network (OMG) and waves (WAVES) are all up 20 to 25% today. Algorand (ALGO) even rises by 28% and elrond (EGLD) and fantom (FTM) by no less than 35%. Hedera hashgraph (HBAR) and near (NEAR) are almost 40% in the plus, but the iost (IOST) which is rising the fastest today with 43%. Near and fantom are even more than 100% in the plus this week.