Bitcoin has posted a strong recovery this week after a week of trading below $90,000, including a sharp drop below $81,000, marking a roughly seven-month low. The latest surge has brought BTC close to $92,000, paring most of the losses suffered in the November correction.
Last week’s drop below $81,000 came amid intense selling pressure, causing BTC to lose over $25,000 in ten days. However, buying momentum emerged around $80,000, allowing the price to rebound to $84,000 over the weekend before continuing its gradual climb as the trading week began.
After several failed attempts to break through the $88,000 and $89,000 levels, bitcoin finally managed to break through the psychologically important $90,000 level and continued its surge near $92,000 today to hit a weekly high. BTC’s market cap rose to around $1.83 trillion on CoinGecko, signaling a return to investor confidence.
BTC’s dominance in the cryptocurrency market has also strengthened to over 57%, after falling below 56.5% a few days ago. This suggests that bitcoin has outperformed most altcoins in the recent surge. While most altcoins have also risen, only a few such as AVAX, MNT and KAS have managed to match or surpass BTC’s movement.
Overall, the crypto market is in a recovery phase with the total market cap adding over $130 billion in the past 24 hours to return above $3.2 trillion.
