The cryptocurrency market has been stuck in a rut since peaking in early November. The weekend has brought some relief to the market, with most major cryptos turning green.
Bitcoin On The Mend: After breaking below the $47,000 level intraday, Bitcoin BTC/USD is on the recovery route and is currently on its way back to reclaiming the $49,000 level.
The most valued crypto is regaining its footing after reaching its all-time high of $68,789.63 on Nov. 10. In the aftermath of the first reports of the omicron variant, it dipped to $42,874.62 on Dec. 4, marking a peak-trough decline of about 38%. Bitcoin has since then staged a modest recovery.
Altcoins Get A Modest Lift: Most major altcoins have followed Bitcoin higher. Ethereum ETH/USD, the second most valued crypto, is also trading higher.
NEAR Protocol NEAR/USD is on a tear, rising over 18% over the past 24 hours. COSMOS ATOM, Gala GALA/USD, EOS EOS/USD, Quant QNT/USD and Oasis Network ROSE/USD were all advancing over 10%.
Among the other notable gainers in the altcoin bracket are Cardano ADA/USD, Polkadot DOT/USD, Crypto.com CRO/USD, Litecoin LTC/USD, Uniswap UNI/USD, Chainlink LINK/USD and Monero XMR/USD.
Related Link: What Does Bitcoin's Historical December Performance Tell About Its Potential Year-end Price?
Meme Cryptos, Metaverse Tokens Mixed: Dogecoin DOGE/USD was seen up over 1%, while chief among the Doge killers, Shina Inu SHIB/USD was not gaining much traction.
ERC20 ERC/USD, SafeMoon Inu SMI/USD, YUMMY YUMMY/USD, Doge Floki Coin DOFI/USD, Green Shiba Inu GINUX/USD and Son of Shib SON/USD were among the meme coins that were advancing notably.
Major metaverse tokens such as Decentraland MANA/USD, Axie Infinity AXS/USD and Sandbox SAND/USD were up between 1.5% and 3.5%. VIBE VIBE/USD was up a steeper 35%.
What's Driving The Rebound: The reversal in sentiment could be attributed in part to bargain hunting. Friday, the crypto market came under further pressure after Chinese real estate firm Evergrande defaulted on its U.S. dollar debt.
It isn't advisable to read too much into weekend moves, given cryptos gyrate amid high volatility due to low volumes and a lack of access to capital that limit the ability of traders to meet margin calls.
At last check, Bitcoin was up 3.07% at $48,994.23.
Related Link: Here Are The Most-Discussed Cryptos On Twitter In November; Shiba Inu Beats Biggies Fair And Square
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