Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins and hope that a wider market recovery will occur if the path laid out by the Wyckoff distribution model rings true.
According to data from CoinMarketCap, the total cryptocurrency market capitalization fell by nearly $230 billion between June 20 and June 22 but it has managed to regain roughly $76 billion in value on June 23 and now sits at $1.365 trillion as some traders viewed the correction as a dip-buying opportunity.
The market cap for Bitcoin fell by $68 billion, or roughly 11% of its total value, on June 22 but has since recovered all losses and is actually higher now than it was before yesterday’s flash crash, sitting at $630 billion at the time of writing.
According to “CL”, a pseudonymous trader on Twitter, further cause for optimism can be found in the record surge in futures open interest at Binance.
— CL (@CL207) June 23, 2021
Altcoins rack up double-digit gains
Bitcoin’s bounce off its swing lows was welcomed by altcoins and data from Cointelegraph Markets Pro shows the majority of tokens in the green today.
According to data from Cointelegraph Markets Pro and Source…