Crypto market rebounds after heavy crash, Bitcoin rises toward $62.000

After the heavy selling wave of the past few days, the crypto market is finally showing a cautious recovery. The total market capitalisation stands at $2.24T, although it is still significantly lower than last week. The Fear & Greed Index is at just 12, indicating extreme fear among investors. Despite this weak sentiment, many major cryptocurrencies are turning green again today.

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Bitcoin and Ethereum recover after severe crash

Bitcoin rises by 1.99% in the past 24 hours to $62.314, This appears to give the largest cryptocurrency some breathing room after the sharp correction that hit the market earlier this week. Ethereum follows with a gain of 2.15% and is trading around $1.610, Earlier, the market came under pressure after the bitcoin price dropped sharply.

Other major coins are also showing recovery. XRP gains 3.35%, Solana rises 2.67%, and Dogecoin climbs 3.76%. TRON adds over 2% while BNB is trading more than 1% higher.

Despite these rises, most price charts remain clearly downward on a weekly basis. The current momentum therefore appears to be mainly a technical rebound after a period of heavy selling pressure.

Altcoins show stronger recovery

Among the altcoins, the gains are even more striking. LAB leads the list with a rise of 46.5%. Humanity Protocol gains over 21%, while BinanceLive Coin is trading almost 20% higher.

Also Audiera, SIREN, Gram, Dash, Canton Network, KITE AI and Terra Classic are posting strong daily performances. Additionally, Hyperliquid, World and several AI-related projects are rising along with the broader recovery. Hyperliquid is attracting extra attention after the platform recently processed a record share of the global perpetual futures market.

However, not all projects are benefiting from the rebound. Litecoin drops over 2.6%, while Midnight Network, Monero and Sky are trading slightly lower.

Liquidations remain relatively limited

According to CoinGlass, the total liquidation volume over the past 24 hours is $249.46M. This level is currently considered low, especially compared to the extreme liquidation waves seen earlier during the crash.

Notably, short positions are being hit harder than longs. A total of $168.42M in shorts is liquidated compared to $81.04M in long positions. This aligns with the recovery the market is showing today.

Bitcoin and Ethereum account for the majority of the liquidations, with $79.41M and $70.16M respectively. The largest individual liquidation takes place on OKX and involves a BTC USDT SWAP position worth $12.27M.