Crypto correction fears crushed as markets resume recovery

Crypto correction fears crushed as markets resume recovery

The crypto markets have resumed their positive momentum following a red Monday that wiped out US$15 billion [AU$23.27 billion] in a widely expected pullback.

Around $7 billion has returned to the crypto markets over the past 24 hours following the big rout yesterday that threatened a wider collapse.

The total capitalization is now back to $247 billion again as Bitcoin and its brethren start to recover. Meanwhile, markets have remained sideways so far this month as gains hold.

Bitcoin has returned to the high $8,000 range but has failed to break $9,000, as of this writing, trading just below it.

Analysts are noting heavy resistance above current levels that must be broken for a major trend reversal to be recognized. There is also an increase in volume which could lead to short term gains.

Elsewhere on crypto markets, Ethereum has retaken the $200 level and is currently pushing towards $210 once again. However, it appears to be mirroring a bit from its brother’s movements.

All higher cap altcoins are in the green at the moment with Tezos, Stellar, Cardano, and Tron making the biggest gains at four to five percent.

On the other hand, Bitcoin Cash, Litecoin, Binance Coin, and EOS have moved very little over the past 24 hours.

Image courtesy of madartzgraphics/Pixabay

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