The cryptocurrency market on the 23rd saw Bitcoin prices rebounding to $43,517.10 (current levels), up from a dramatic price plunge of $39,500 from yesterday.
Bitcoin is again above the 75-day moving average of $ 42,990, and analysts are immediately focusing on whether the cryptocurrency would surpass the resistance level of $43,000. The 200-day moving average stood at $45,735.
Although market sentiments have recovered, it is undeniable that the uptrend chart, which had been strong from August to early September, has collapsed significantly.
The rebound in the market is caused by a retreat of concerns surrounding the Evergrande Group’s crises which recently caused the global financial market to depreciate. Investor sentiment improved on the 22nd and the Dow Jones Industrial Average rebounded for the first time in five business days on the US stock market.
The Altcoin market has also bounced back with Ethereum and XRP up by 6.43% and 9.23% from the previous day respectively.
Messari’s Top10 cryptocurrency market capitalization month-on-month saw Bitcoin’s market ratio declining by -8.21%, Ethereum by -3.02%, and XRP by -13.56%. Solana, which currently stands at 6th place, saw its market ratio jump by +105.74%.
On the other hand, an unprecedented situation occurred on the 14th in which the operation of the Solana chain stopped for nearly 17 hours. The current SOL price of $145 is a sharp fall against the recent record high of $ 200.