Bitcoin Price Reclaims $37K But These Altcoins Explode (Market Watch)

In what many perceive to be a majorly bullish recovery, the market is back on its feet less than a couple of days following the settlement between Binance and the United States Department of Justice.

Bitcoin’s price is soaring above $37K, while some other altcoins are exploding in value. Let’s dive in.

Bitcoin Price at $37.5K

AsCryptoPotatoreported in yesterday’s daily market watch, the industry had lost some $60 billion of its capitalization following the settlement between the world’s leading exchange – Binance – and the US DOJ.

The news induced a rollercoaster-like action in Bitcoin’s price, which initially fell by almost $2,000, only to recover later.

Today, the market is in green as most of the coins are gaining momentum. BTC is up 2.5% in the past 24 hours. The cryptocurrency was successful in reclaiming the important $37K level and is trading at $37,500 at the time of this writing.

Source: TradingViewAs seen in the chart, the Bitcoin price has managed to recover all of the losses that were charted as a result of the turmoil caused by the settlement announcement.

Altcoins Skyrocket in Value

The altcoin market is painted in green, with the only exception being Binance Coin, which is down 0.87% in the past 24 hours. All things considered, the cryptocurrency didn’t crash nearly as some expected it to.

Source: Quantify CryptoThe above heatmap highlights the swift recovery of the market, evidenced by the predominant green color.

Most notably, Uniswap’s UNI token managed to gain a whopping 16.6% in the last day, which is the result of a new governance proposal.

The best performer for the day is PYTH Network. Its native token, PYTH, soared by 25.7%, having launched just a few days ago. Klaytn’s KLAY is also up by 17.4%, followed by Uniswap and Radix (XRD), which is up 13.8%.

On the other end of the spectrum, Synthetix Network’s SNX is down 8.1% and is today’s worst-performing cryptocurrency in terms of price.