Cryptocurrencies Recover After 20% Correction

Most of the cryptocurrencies in the market are now recovering after the 20% correction experienced a few days ago. Dogecoin (DOGE), XRP and Cardano (ADA) are the leading virtual currencies right now in terms of gains in the last 24 hours. 

Digital Currencies Recover

It might be time for recovery after a price drop of around 20% in the last few days. As we reported in the past, digital assets such as Ethereum (ETH) or Litecoin (LTC) were falling by more than 20%. However, this was a short-lived drop after a recovery that allowed Bitcoin to come back above $50,000. 

Ethereum is just 5% down from its all-time high and other virtual currencies such as Dogecoin or XRP are now growing by 36% and 16% respectively. However, all the top 100 digital assets are registering gains in the last 24 hours with the exception of Bitcoin Gold (BTG).

One of the reasons behind the recovery of XRP could be related to the comments given by Brad Garlinghouse, the CEO of Ripple, one of the companies behind XRP. In a recent interview, he talked about Ripple’s position on their XRP holdings. This is one of the most important topics discussed by the XRP community. 

He mentioned that they are always open to new ideas that could improve the XRP ecosystem. Moreover, about the question of whether they could burn the XRP holdings, he said that they do not rule anything out and that there are some things that make sense for the XRP ecosystem. 

As we mentioned before, Bitcoin was able to recover the $50,000 price level that is now a very important psychological barrier. Staying above this region is certainly important for BTC and the continuation of this bull run. 

Ethereum is close to $2,300 and does not seem to be weakened as much as other virtual currencies. Moreover, its dominance is close to 14.3% compared to 50.30% of Bitcoin, which was able to sustain above that level. 

Binance Coin (BNB) is moving higher by 5.33%. Over the last week, BNB remained relatively stable being just 2.06% down. This has been the best-performing digital assets in the top 10 during the last seven days. 

Cardano, Dogecoin, Polkadot (DOT), Uniswap (UNI) and Litecoin (LTC) are also registering gains in the last 24 hours. However, not all of them are massively growing. While DOGE is up by over 36%, Litecoin is only growing by 1.59%. 

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