After a very turbulent week with declining prices, the crypto market seems to be recovering. Bitcoin (BTC) fell more than 25% last week and fell all the way to $ 47,000 last night around midnight, but then suddenly made a strong bounce.
The bitcoin price went from $ 47,000 to $ 52,500 in a matter of hours, an increase of almost 12%. It looks like the BTC price is now in an upward pattern and it is expected that the price will soon break through $ 53,000.
According to data from Bybt.com, this price increase was accompanied by nearly a billion in liquidations in the crypto market in the past 12 hours. More than half were bitcoin futures and most were short positions, which likely contributed to the rapid bounce.
In addition, we also see ethereum (ETH) rise back towards $ 2,500, the ether price is up 13% in the past 24 hours. Most altcoins, which were deep in the red last weekend, are now also strongly in the green.
We see decentralized finance (DeFi) tokens in particular rising again today. Uniswap (UNI) is 19% in the plus, PancakeSwap 22%, Aave (AAVE) and UMA (UMA) almost 25% and AMP (AMP) even almost 30%.
Solana (SOL) was one of the only crypto that continued to rise in recent days and is still up 17% today. The strongest riser in the crypto market today is by far Polygon (MATIC), which is almost 40% in the green.