Cryptocurrency market capitalization soared to more than $4 trillion on Sunday, with Ether, BNB, and Dogecoin posting double-digit gains after Friday’s market crash wiped out nearly $500 billion in crypto value.
According to data from CoinGecko, three blue-chip coins are up 10.5%, 13.6%, and 12.5% from the previous day, with Solana (SOL), Cardano (ADA), and Chainlink (LINK) also up more than 10%.
Synthetix (SNX) rose more than 100% at one point, surpassing its pre-crash price level and setting a new 2025 high. Meanwhile, several other small-cap stocks like Mantle (MNT) and Bittensor (TAO) rose more than 30%.
The market crash, in which Bitcoin fell from about $121,560 to less than $103,000, was caused by US President Donald Trump’s imposition of 100% tariffs on China as part of an effort to impose export restrictions on rare earth minerals essential to making computer chips.
The market turmoil was further exacerbated by Binance’s frontend briefly displaying the price of some altcoins at $0, and the USDe synthetic dollar being unpegged on Binance due to an internal oracle issue.
The cryptocurrency market began to recover around the time President Trump said, “We don’t need to worry about China,” and said he wanted to help China, not hurt it.
Although prices have not fully recovered from Friday’s crash, many are optimistic that this recovery could propel Bitcoin (BTC) towards $200,000 by the end of 2025.
Cryptocurrency market analyst Mr. Crypto said that Bitcoin is retrying the golden cross. A golden cross is a bullish technical pattern that has historically preceded a rally, such as the 2,200% rally in 2017 and the 1,190% rally in 2020.
“This setup looks incredibly strong,” he wrote, adding that if a breakout is confirmed, Bitcoin prices could “absolutely explode” in the coming weeks.
Cryptocurrency trader Alex Becker said it was “very likely” that this was the start of a bull market, while Jan3 founder Samson Mo added, “It’s time for Bitcoin to take the next step.”
Another crypto analyst, Mac, said that while the risk-reward relationship looks good, he doesn’t expect a significant rise in the immediate future, but speculated that “it could rise a little more” next week.
According to data from CoinGecko, Bitcoin is currently trading at $115,585, still down 4.9% from the start of the decline and about 8.8% from last Monday’s $126,080.
BitMine takes advantage of the decline
Meanwhile, Bitmine Immersion Technologies, the largest corporate Ether (ETH) finance company, raised more than 128,700 ETH, worth $480 million, immediately after the crash, crypto analysis platform LooknChain pointed out.
Tom Lee, BitMine’s executive chairman, said the stock market decline was “somewhat premature” given that the market is up about 36% from its April lows.
“I think this is a good flash,” Lee told CNBC, adding that a decline in prices without any real structural change is “a good buying opportunity.”
The strategy may also have bought the dip.
Strategy’s executive chairman, Michael Saylor, posted a graph of Strategy’s Bitcoin holdings on Company X on Saturday with the caption “Don’t quit, Elivin,” hinting that his company had bought on the spur of the moment.
Related: Why did some altcoins on Binance crash to zero?
No other Bitcoin-holding companies confirmed any Bitcoin purchases or sales over the weekend, according to BitBo’s Bitcoin Treasury data.
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