Crypto Market Rebounds to Pre-crash Level

The crypto market moved up sharply on Sunday, recovering all its losses suffered after a crash on Friday.

At pixel time (10:17 UTC), all top 100 coins by market capitalization (except four stablecoins) are in green, while bitcoin cash and binance coin are the two biggest gainers (+17% and +13% in the past 24 hours.)

Bitcoin, ethereum and the whole market capitalization are up around 10%.

BTC price chart:

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Top 10 coins by market capitalization
(10:17 UTC)

According to many market participants, the recent crash was likely driven by a large sell order on the Bitstamp exchange.

On Friday, Mati Greenspan, senior market analyst at eToro, said that the pullback “is a great thing because it will allow us to better understand the nature and scope of the recent rally.”

“If it does stop soon, turn around, and break significantly above the recent highs, there is virtually no major resistance on the chart until USD 20,000 [per bitcoin],” he added.