The cryptocurrency markets have recovered from yesterday’s mid-day drop, and virtually all major cryptocurrencies are trading up over a 24-hour trading period. Some of today’s best performing altcoins are trading up over 10%.

Bitcoin Swiftly Recovers from Yesterday’s Drop

At the time of writing Bitcoin (BTC) is trading up over 6% at its current price of $3,960. Yesterday morning, Bitcoin dropped below its support level of $3,800 to lows of just over $3,600, price levels from which it swiftly recovered from this morning.

Despite having a quick recovery, at the time the drop appeared to be fundamentally significant, with Mati Greenspan, the senior market analyst at eToro, saying that the break of the $3,800 support could lead Bitcoin back to its yearly lows.

“Bitcoin support broken. This could lead to a retest of the yearly lows,” Greenspan said in a tweet.

Clearly, the recent drop did not have a significant amount of selling volume behind it, allowing the bulls to gain the upper hand this morning.

Alex Krüger, an economist who focuses primarily on cryptocurrencies, told his followers in a recent tweet that he expects Bitcoin to establish a wide trading range in the mid-term between $2,500 to $5,500, and that he is buying the dips within this range.

“Expect a wide range from here: $5500-$2500 (bold call, I know). Looking to trade the range,” Krüger said, later adding that traders are supposed to “buy the dip” and not “sell the bottom.”

Altcoins Surge, Led by Ethereum and Bitcoin Cash

Today’s market surge has been led by Ethereum and Bitcoin Cash, which are both trading up over 10%.

At the time of writing, Ethereum (ETH) is trading up 13% at its current price of $137. ETH has recovered significantly from its 24-hour lows of $115, which were set yesterday after Ethereum fell from $126.

Bitcoin Cash (BCH) is also trading up significantly over a 24-hour trading period and is currently up nearly 13% at its current price of $176. Bitcoin Cash has recovered from its 24-hour lows of $144 but is still down from its weekly highs of $213.

XRP has been closely tracking Bitcoin’s price actions and is trading up 6% at its current price of $0.378. XRP is up from its daily low of $0.338 but is down from its one-week highs of nearly $0.45.

The markets are seeing increasing trading volume, which signals that the upwards momentum may continue as the day goes on.

All the cryptocurrencies mentioned in this article are available to trade on covesting.io