Cryptocurrencies have been trending back upwards for seven hours Wednesday afternoon, reassuring jittery hodlers that the bull market is in no way over after yesterday’s 20 per cent correction.
Bitcoin was trading at $US50,382 ($64,000) at 2.15pm AEDT, down three per cent in the past 24 hours but up from $US45,680 at 7am.
Ethereum was changing hands at $US1,630 ($2,084), down 4.2 per cent but up from $1,470 at 7am.
Of the top 100 crypto assets, 38 had been on the upswing in the past 24 hours, while 60 had lost ground, according to Coingecko. Two were flat.
Rune coin was the best performer, up 25.6 per cent, while XEM had taken the biggest dump, falling 13.1 per cent.
Solana breaks all-time high
Solana even hit an all-time high around noon of $US16.53, although had retreated to $US15.90 two hours later.
Ranked on Wednesday as No. 19 coin on coincap.io with a market capitalisation of $US4.2 billion ($5.3 billion), Solana is a high-speed blockchain project backed by developers from Big Tech companies like Intel, Google, Twitter and Qualcomm.
Bitfinex’s LEO Token and blockchain platform Fantom had also hit all-time highs in the overnight hours.
LEO Token listed as the No. 37 coin by market cap, changed hands at $US2.10 around 11 last night, while Fantom reached a peak of US50.6975c at around 3am.
In another sign the market was recovering, Tether had gained 0.12 per cent to $US1, according to Coinmarketcap. The stablecoin tries to maintain a peg to the US dollar but in times of peak volatility sometimes loses it slightly.
On social media, newbies were fretting about a “bloodbath” but crypto veterans were taking the correction in stride and boasting of their diamond hands.
#Bitcoin is back over $50,000. Retweet if you HODLed.
— Documenting Bitcoin 📄 (@DocumentingBTC) February 24, 2021
One down day after coming off a previous day at ATH’s, does not constitute a Bear Market.
It would need to close below 30,000, then fail to close back above the ATH’s, and head back down again, to enter Bear Market territory. pic.twitter.com/fZnswtLdoQ
— VinnyThe🐂 (@Vinny_TheBull) February 24, 2021
Would be very weird if this turned out to be the cycle top for crypto.
Institutional buying has only just started. Retail guys are FOMOing in.
This would be the shortest #bitcoin bull market by far.
Not happening! (Not yet)
— Ingvar (@LostVikingShip) February 23, 2021
Of course, many crypto enthusiasts have learned the hard way that anything is possible in the unregulated marketplace.