Investing.com – After a severe dip late last week and into the weekend, which led to a low of $34,080 on Saturday morning, the cryptocurrency has stabilized and regained some ground, currently at 35,800 $, but without much bullish conviction.
The second-largest crypto in the market has rebounded slightly more since yesterday, just above $2,500 at the time of writing, after bottoming out at $2,310 on Saturday.
Shiba Inu soars 20% following yesterday’s crash
However, while BTC and ETH remain at low levels, other cryptocurrencies have posted much larger rallies since yesterday’s dip.
The , the 6th most important crypto, has indeed taken off by almost 9% since yesterday. The , in 9th place in the ranking, gains nearly 12%, while the (top 10) gains 8%.
But the cryptocurrency that shows the strongest rebound in the top 20 is , which gains 20% over 24 hours.
A fall of Bitcoin to $30,000 is not excluded
As is often the case, Altcoins therefore rebound more quickly than Bitcoin. However, that’s not to say another drop in BTC wouldn’t cause them to undo their recent gains.
We will therefore closely monitor Bitcoin, whose technical situation remains fragile, knowing that below the $35,000 zone, few supports can be spotted before the major psychological threshold of $30,000.
Risk sentiment remains a key driver for cryptocurrencies
Finally, when it comes to fundamental factors to consider, the main reason for the fall in the cryptocurrency market this week was a wave of risk aversion which also weighed heavily on stocks all over the world. .
Investors have indeed reacted to a sharp rise in yields in the USA and Europe, while the market is beginning to concretely anticipate a tightening of monetary policies.
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