Wednesday sees Bitcoin on the road to recovery as it tapped $58,000. The total market capitalization saw green as most altcoins also recovered. Filecoin (FIL) dominated the top 100.
Wednesday brought St. Patricks Day volatility to the markets. What started off red, eventually turned green with the luck of the Irish. Bitcoin saw a dramatic recovery late on Wednesday. Bitcoin started Wednesday with a 5.35% decline in price. The drop saw a majority of the market dump with the major cryptocurrency. However Bitcoin then turned the tides as it surged over 7% to completely erase the earlier losses and gain an additional 2% on the day. Bitcoin currently rests easy at $58,000. With bulls now appearing to be back in control, for now.
The total market cap continues to push new highs. The cryptocurrency market’s total market capitalization now sits at $1.75 trillion, with an eager eye on it breaking $2 trillion sooner rather than later. Most notably, the total market cap is up over 128% from the previous bull market in 2018/18. Signaling the strength and the growth of the cryptocurrency market. The crypto market capitalization excluding Bitcoin was also up over 2% on Wednesday. Signaling an increase in altcoin bullishness. A positive sign for a potential continuation of alt season.
It is impressive that now 83 out of the top 100 crypto projects all hold a market capitalization value of over $1 billion.
Biggest Gainer in the Top 100
The Bitcoin recovery offered altcoins the opportunity to see some green on St. Patrick’s day. A fitting end to the day, generally celebrating with lots of green. Filecoin wasted none of that as it climbed 32.6% on St. Patrick’s Day. Basic Attention Token (BAT) also saw a healthy price surge as it climbed just under 30% on the day. More than 80% of the top 100 ended the day in the green.
The massive jump in price for Filecoin can likely be attributed to the Grayscale announcement. The company launched five new cryptocurrency investments, with one of them being Filecoin.
St. Patrick’s Day truly inspired the market with the Luck of the Irish. The day which started extremely bearish has managed to turn itself around and offer green almost across the board sees hump day end off well. The rest of the week will be important for Bitcoin and altcoins. If Bitcoin can hold this range for the rest of the week, altcoins may see a decent rally over the weekend. However, volatility could play a significant part in ruining any potential bullish sentiment.