Bitcoin pushed above $94,000 early Wednesday, staging a strong recovery just two days after falling to $84,000. The move came with broader gains across the crypto market, as altcoins bounced back sharply and total market capitalization rose by over $200 billion.
Bitcoin Rebounds After Brief Drop
After peaking near $93,000 last week, Bitcoin dropped to a six-day low on Monday, hitting $83,900 during a fast-moving correction. That move followed a wave of liquidations that shook out leveraged positions. But the decline was short-lived.
By Tuesday, the asset had recovered to $86,000, and buyers continued to step in. During early trading hours in Asia on Wednesday, Bitcoin crossed $94,000, marking its highest level since mid-November. As of the latest data, BTC is hovering above $93,000, up around 7.5% on the day.
Bitcoin’s market cap is now at $1.86 trillion, and its market dominance is holding at 57.4%, according to figures from CoinGecko.
SUI Leads Altcoin Surge
Altcoins followed the upward move, with several showing double-digit growth. Ethereum reclaimed $3,000 and is now trading near $3,070. XRP moved past $2.20 before pulling back slightly.
Solana and Cardano posted gains of nearly 10% and 12.5%, respectively. Chainlink rose 15%, climbing close to $14. SUI led the pack with a 28% spike, reaching $1.73.
Source: QuantifyCrypto
Total crypto market cap has grown to $3.24 trillion, bouncing back after Monday’s low. While many altcoins are still down over the month, this rally brought quick relief to short-term traders.
Analysts Watch for Trend Confirmation
Market watchers are tracking whether the rebound can hold. One trader, known as Daan Crypto Trades, noted the sharp monthly move.
“Whenever a new month instantly moves up or down and leaves no wick or anything behind, these levels are often taken out,” he said.
Another analyst, ‘Sykodelic’, said the panic during the dip was expected.
“Everyone on the timeline was absolutely losing their minds yesterday with that dip. But it was exactly what we wanted to see.”
Still, some are cautious. ‘CryptoCon’ warned that this could be a short-term bounce within a longer bearish cycle.
“The bear market usually takes the full year to play out,” he said.
Market Cap Recovers But Remains Below Peak
The total crypto market cap remains below its $4.4 trillion high from October. At $3.2 trillion now, it’s still down roughly 27% from that level.
Glassnode reported a cluster of short liquidations forming—often a sign of potential further upside, as forced buybacks push prices higher. Ether, which has mirrored Bitcoin’s move, must now hold above $3,000 to continue higher. Traders are watching $3,400 as the next level.
For now, Bitcoin’s fast rebound and strong altcoin movement are giving traders a reason to stay alert as December trading picks up speed.
