That didn’t take long! Crypto markets are already back to where they were at the start of Wednesday, right before the biggest selloff in 14 months that saw almost all cryptocurrencies take a plunge.
Bitcoin is also back to where it was, having jumped 15% Thursday.
At press time, the largest cryptocurrency was trading at around $42,000. This is roughly where it was midweek before things went south. Wednesday witnessed the biggest single day decline for the original cryptocurrency since March 2020.
Prices nearly fell below $30,000 at one point.
Ether, the second largest cryptocurrency was also on the mend Thursday. It was up 20% to about $2,930 at the time of this writing. This, after a tumble of 28% over the course of Wednesday that had it briefly dipping below $2,000.
As is often the norm, other cryptocurrencies joined the rebound.
Almost all of the top 20 digital coins were up over the past 24 hours, with a few witnessing major spikes. These included Cardano, which jumped a heavy 69% to $1.92, and Bitcoin Cash that surged 57% to trade at $845.
That said, the market activity on Wednesday was one for the record books. The spot market volume for Bitcoin that day came in at some $131.1 billion, which is nearly $5 billion more than the figure on Tuesday.
It was also double the dollar volume of March 12, 2020 — a date known as the “Black Thursday” in the world of crypto. Then again, Bitcoin was trading at one fifth its current price at that time, meaning when measured on a volume basis, the March 2020 selloff was far worse.
Ether also saw record trading volume, with close to $93.5 billion of the cryptocurrency changing hands and finding new owners on Wednesday.
Despite the rough stretch, cryptocurrencies are still trouncing all other asset classes this year. Bitcoin is up around 44% year to date, while Ether has quadrupled in price.
Be interesting what the next few weeks bring.
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