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In the last day, the total market capitalization of all cryptocurrencies increased from around $190.2 billion up to its current value of $193.8 billion, which is equivalent to an average gain of almost 2% across all cryptocurrencies. This recent recovery interrupts almost a month of losses for most cryptocurrencies, many of which have lost more than 10% since late October.
Much of this recovery can be attributed to Bitcoin (BTC), which now sits at $7,116 after gaining 2.6% since yesterday—adding more than $3 billion to its market cap. Although bitcoin is recovering well, several altcoins are experiencing even greater gains, among these, Monero (XMR), Cosmos (ATOM) and Maker (MKR) are performing best, gaining between 5-10% in the last day.
Similarly, a handful of cryptocurrencies have failed to recover since yesterday, with Stellar (XLM), Tezos (XTZ) and DASH among the minority of cryptocurrencies still in the red.
The recent price recovery looks to be the result of an unusual bullish breakout, despite the bitcoin market forming a bearish death cross barely more than a day ago.
The bears are back in town though, with Euro Pacific Capital CEO Peter Schiff picturing a negative outlook, as per usual. His intepretation of the bitcoin charts is that it's forming what's known as a head and shoulders pattern. If this pattern were to complete, he argues that the price of bitcoin could go as low as $1,000. But other commentators say this recent price action is just business as usual.