WIF Soars 27% Daily After Meme Coin Massacre, BTC Recovers to $57K (Market Watch)

Bitcoin’s price recovery continues in full swing, with the asset recovering more than $7,000 since its multi-month low on Monday.

Altcoins are also performing better, with SOL emerging as the top gainer in the larger-cap cohort, while WIF has climbed nearly 30%.

Bitcoin Back to $57,000

There’s a lot that can be said about what’s happened in the cryptocurrency market since last Friday. It all started with the price of Bitcoin dropping from $66,000 to $62,200 after a disappointing US jobs report.

However, the ever-volatile nature of the cryptocurrency industry took its toll over the weekend, when all other markets were closed. BTC dropped to $60,000 and below $57,000 on Sunday morning and evening.

The situation got even worse on Monday morning, when the largest digital asset dropped to just under $50,000 for the first time since mid-February, leaving behind over $1.2 billion in liquidations in just 24 hours. Some of the reasons for this massive drop can be found here.

That’s when BTC finally went on the offensive and surged to $55,000 yesterday. The bulls have recovered a bit more ground over the last 12 hours or so, and the asset now sits just over $57,000. Its market cap has grown to $1.13 trillion, while its altcoin dominance is 53.5% on CG.

WIF is soaring

Altcoins suffered a similar fate during the market crash, but many of them managed to bounce back after hitting their lows. ETH fell from over $3,200, but managed to recover some ground and is now trading above $2,500.

Solana’s native token has been at the forefront of the recovery phase. In the last 24 hours alone, SOL has increased by over 8% and is sitting north of $150.

The biggest gainer among the top 100 altcoins is WIF. The meme cryptocurrency, which fell more than 50% in the span of a week, is now up 27% on a daily basis.

The total cryptocurrency market cap has rebounded from the drop to $1.8 trillion and now sits a few inches above $2.1 trillion on CG.