The crypto community’s mantra to ‘Buy the dip’ might have actually worked. Bitcoin and several top crypto assets have had a bullish start to the day after last week’s free fall.
The collective cryptocurrency markets had shed nearly 60% of the total market-cap in the past week alone. This was triggered majorly by Bitcoin and Ethereum – giving up significant gains from their all-time highs.
The tables have [potentially] turned. At the time of writing, the global crypto market cap rose by 6% to $1.53 trillion.
Binance Coin [BNB] Steals the Show
Bitcoin’s [BTC] dominance might have tumbled slightly, the king coin, however, rose to $37,784 after appreciating by more than 6% over the past 24-hours.
This pushed several altcoins to significantly negate the weekly losses. Binance Coin [BNB] was the best performer in the latest relief rally at the beginning of the week. The token was exchanging hands at $311.8 after rising by nearly 21% during the same time frame.
Ethereum [ETH], on the other hand, noted an almost 12% surge during the same time which pushed its price to $2,362.05. Among other top performers on the cryptocurrency ladder was Cardano [ADA], which recently replaced BNB, soared by more than 16% over the past day, and was currently being traded at $1.50.
Bitcoin Shenanigans: “Buy the Dip”
Among the popular figures in the space, Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” had recently said that the crashing of Bitcoin’s price offered a great buying opportunity, especially for those who couldn’t have afforded it when the token was trading close to its ATH.
Tron foundation’s Justin Sun also echoed a similar statement when he said that the bull market was not over and went on to add that he had bought the dip.
Crypto-analytic platform, Santiment had noted well before the upsurge that the market could, in fact, see a bounce. Its tweets regarding the same read,
“After a series of #buythedip rallies by the #Ethereum crowd, traders are running out of steam. Our data indicates #cryptotwitter is the most negative toward $ETH it’s been in five weeks. Typically crowd capitulation is the true sign a bounce can happen”