The leading cryptocurrency has had a busy day. After falling to as much as $28,000 in some cryptocurrency trading platforms such as BitMEX, it looks like it has received the support from buyers, who have bought the crypto at a discount and have pushed its price back above the $40,000 mark.
However, while it seems that the benchmark cryptocurrency is recovering from yesterday’s drop, the rest of altcoins from CoinMarketCap‘s top 10 are still experiencing 2-digit losses.
The recent crash of the market has pushed its total capitalization down to $1,741B, far from the $2B it had enjoyed on recent weeks.
The news that China has imposed a new ban on banks, banning them from offering their services to crypto-related companies, has had a very negative impact on the market.
We can take ETH as an example. The altcoin, which had recently surpassed the $4,000 barrier for the first time ever, is not trading at around $2,600. However, the ETH dominance index, which represents the dominance of the crypto in relation to other cryptos, stands at 18%, not that far from the 42.8% of BTC.
Will Bitcoin keep growing today? Or will it face new pressure from bears on its way to $50,000? We will soon find out.