Cryptocurrency prices show signs of recovery with Bitcoin whales ‘buying the dip’

Sep 27, 2021

By: BI India Bureau

China’s reiteration of its anti-crypto stance pulled the market down on Friday

...Stalling the recovery of Bitcoin, Ethereum and others after the speculative impact of the Evergrande crisis

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The market was colored red over the weekend

...With leading coins looking more bearish that bullish

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Many took the opportunity to ‘buy the dip’

Bitcoin whale accounts within the millionaire-tier were seen accumulating more supply, as per data from Santiment and Glassnode

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Come Monday morning, the crypto market has resumed the upward climb

The global market is at $1.95 trillion, up by 5.34 percent in the last 24 hours

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Bitcoin is currently at $43,976

It is up by 4.3 percent in the last 24 hours, even managing to tip toe past $44,000 momentarily over the weekend

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“I like to say Bitcoin’s kind of like Kenny from South Park — he dies every episode and is back again,”

said Dennis Lynch, the head of asset management at Counterpoint, during Morningstar’s yearly investment conference

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Ether, which took a bigger hit than Bitcoin after China’s announcement, is at $3,121

Ethereum’s dip may have been deeper, but it’s recovery is also faster with its value increasing by 9.78 percent since yesterday

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Cardano is currently at $2.24

The third largest cryptocurrency is trading flat over the last one day

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Binance Coin is priced at $352.22, up by 3.28 percent in the last 24 hours

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Ripple’s XRP has not been able to climb back up over $1

Despite an 4.65 percent increase since yesterday, XRP is still priced at $0.968

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Solana has stabilised around $139

The cryptocurrency is up by 6.28 percent as compared to 24 hours ago

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Polkadot, powered by the DOT token, is at $29.56

The interoperability platform's token has risen by 1.86 percent since yesterday

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Dogecoin saw a similar increase of 1.14 percent in the last 24 hours

It’s currently priced at $0.207

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Disclaimer

These are top cryptocurrencies by volume according to CoinMarketCap | Prices updated as of September 27, 10.30 am IST and may change over the course of the day

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