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

Sep 27, 2021 Credit: Canva

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 Credit: Canva

The market was colored red over the weekend

...With leading coins looking more bearish that bullish

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

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

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

“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 Credit: Southpark Studios

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

Cardano is currently at $2.24

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

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

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 Credit: Canva

Solana has stabilised around $139

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

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

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

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

It’s currently priced at $0.207

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 Credit: Canva