The cryptocurrency market experienced a sharp rebound on February 26. Bitcoin surged from a three-week low near $62,500 to briefly touch $70,000, a level it hadn’t reached in over a week. Several major altcoins outpaced Bitcoin’s gains, with Ethereum reclaiming $2,000 and Cardano jumping 10%. Frontrunners Polkadot, Stable, and Uniswap saw the most significant increases, rocketing over 20% in the past day.
Bitcoin’s price volatility intensified, falling to a new local bottom of $62,500 before a dramatic rally saw it gain over $8,000 to challenge the $70,000 mark. The asset faced immediate selling pressure at that level, pulling back by approximately $2,000, yet it remained 4.5% higher on the day according to market data.
The broader market followed, with the total crypto market capitalization recovering $120 billion to reach $2.425 trillion. Major altcoins posted substantial gains, with Ethereum rising 8% to move above $2,000 and Cardano climbing 10% to approach $0.30.
Among the top performers, Polkadot led with a 24% surge to roughly $1.60. Stable and Uniswap also posted notable double-digit gains, followed by similar increases from assets like Near Protocol. Other large-cap cryptocurrencies, including Solana, Dogecoin, and Chainlink, registered more modest but positive movements.
Analysts had previously suggested Ethereum might have already bottomed out before its recent recovery. Bitcoin’s dominance over the altcoin market remained just above 56% even as its rivals rallied.
