Bitcoin’s Rollercoaster Ride Continues as BTC Price Recovers $10K in a Day

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Bitcoin’s price jumped past $71,000 minutes ago, while XRP and other altcoins have produced massive double-digit daily gains.

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Summarize with AI

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What a ride it has been in the cryptocurrency space lately. The quick and sharp moves continue as of press time, as BTC has skyrocketed to over $71,000 just less than a day after it dipped to $60,000.

The altcoins are well in the green now on a daily scale, and the total crypto market cap has increased by roughly $200 billion since its low from earlier this morning.

BTCUSD Feb 6. Source: TradingView

Bitcoin’s price chart from above paints a very clear and volatile picture. It shows that the cryptocurrency plummeted by roughly $30,000 in the span of just over a week – from last Wednesday to Friday morning.

As reported earlier today, popular analysts blamed this latest crash, in which bitcoin dropped from $77,000 to $60,000 in about 24 hours, to emotional selling and structural change rather than broken fundamentals within BTC and the crypto market.

Since then, BTC has gone on a tear. It added over $10,000 since this morning’s multi-year low, and briefly surpassed $71,000 minutes ago before it was stopped and now trades inches below it.

The altcoins have produced even more impressive gains, with XRP leading the pack. Ripple’s cross-border token has soared by 19% daily to over $1.50 as of press time, while ETH has reclaimed the psychological $2,000 level.

The total value of wrecked positions daily is still over $2 billion, but most of it is from longs, which happened before today’s recovery. Nevertheless, over $350 million worth of shorts have been wrecked in the past 12 hours, with BTC responsible for the lion’s share ($261 million).

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Source: https://cryptopotato.com/bitcoins-rollercoaster-ride-continues-as-btc-price-recovers-10k-in-a-day/