Market Roundup: Friday Bounce Sees Bitcoin Recover To $53,500 While Altcoins Rally

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In Brief
  • Bitcoin climbs over 4% to hold $53,600.

  • Altcoins enjoy rally to see top gainer ANKR climb 42%.

  • Weekend looks set to allow altcoins more gains.

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Friday brings relief to the market as Bitcoin recovered over 4%. The bullish sentiment also brought gains for altcoins which also enjoyed big gains on Friday.

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Following a tumultuous week for the crypto market, things finally appeared to be turning around on Friday. Thursday’s massive sell-off was greeted with green across the board on Friday. As bitcoin and the majority of altcoins, all gained on Friday. Friday will be the first day in one week that bitcoin could close bullish; after the last six days, all ended with bitcoin down. The price of bitcoin currently rests around $53,600 with a solid gain of 4.65% on Friday and going into the weekend. 

Source: Tradingview

Majors Bounce with Bitcoin

No surprise that, along with Bitcoin recovering on Friday, the rest of the market was met with similar gains. The top 10 enjoyed some respite after some heavy losses experienced on Thursday in particular. The most notable gainer on Friday saw Cardano climb 9% and overtaking Binance Coin in the process. Theta Network was the only major cap that saw red on Friday. Not surprising since the project is still up over 44% over the last 7 days. 

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Source: CoinGecko

Top 100 Biggest Gainer and Loser 

Friday was a welcome relief for the top 100 as the biggest loser on the day was, in fact, Theta Network (THETA). The 2.0% decline in price made it the worse performing asset in the top 100, with only two other projects seeing red. 

The top gainer’s list, on the other hand, was far more impressive. ANKR topped the list with a massive 42.8% price gain, while BTMX came in a close second with a 38.3% gain in price. 

Source: CoinGecko

Total Market Capitalization surges 

The increase in prices across the board saw the total market capitalization jump over 5% on Friday. While still off from the $1.81 trillion high, the market cap recovered from $1.5 trillion to over 1.65 trillion following the bullish day. 

Source: Tradingview

While bitcoin and altcoins seem to be climbing together, the outlook is that altcoins will soon have their time to shine. This is due to the decline in bitcoin dominance, which now sits at 60.73%. 

The weekend should offer more bullish price action for altcoins after a bloody week. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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