Bitcoin’s quick recovery to $34,800 ignited a rally in altcoins, boosting the total crypto market capitalization by $76 billion.
Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins and hope that a wider market recovery will occur if the path laid out by the Wyckoff distribution model rings true.
According to data from CoinMarketCap, the total cryptocurrency market capitalization fell by nearly $230 billion between June 20 and June 22 but it has managed to regain roughly $76 billion in value on June 23 and now sits at $1.365 trillion as some traders viewed the correction as a dip-buying opportunity.
Total cryptocurrency market capitalization. Source: CoinMarketCap
The market cap for Bitcoin fell by $68 billion, or roughly 11% of its total value, on June 22 but has since recovered all losses and is actually higher now than it was before yesterday’s flash crash, sitting at $630 billion at the time of writing.
According to “CL”, a pseudonymous trader on Twitter, further cause for optimism can be found in the record surge in futures open interest at Binance.
— CL (@CL207) June 23, 2021
Altcoins rack up double-digit gains
Bitcoin’s bounce off its swing lows was welcomed by altcoins and data from Cointelegraph Markets Pro shows the majority of tokens in the green today.
According to data from Cointelegraph Markets Pro and TradingView, the biggest gainer so far has been Cybervein (CVT), which at one point saw its price surge as much as 112% on the 24-hour chart but has since pulled back to $0.0187, representing a gain of 62% since June 22.
CVT/USDT 4-hour chart. Source: TradingView
The second-best intraday performer is ANKR, which rallied 72% from $0.047 to $0.082.
According to data from Cointelegraph Markets Pro, market conditions for ANKR were favorable for some time prior to the market-wide pullback on June 22.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. ANKR price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for ANKR had been in the green in the week prior to June 2, and reached a high of 71 on June 21, around ten hours before the price rebounded from the sell-off and increased by 72%.
Other notable performances identified by Cointelegraph Markets Pro include a pair of 25% gains from VeThor Token (VTHO) and Flow, while the market’s most popular meme token Dogecoin (DOGE) gained 20%.
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