Crypto Markets Recover As Investors Buy The Dip

The global cryptocurrency markets recovered on Monday from a tough weekend as investors sought cheaper bargains on their preferred tokens.

Over 1 million investors were liquidated on Sunday, with losses worth about $10 billion as the markets were thrown into panic amid high selling pressure. However, it was quickly shrugged off in early Monday trading as investors remained confident

Bitcoin, cryptos' poster-child, retraced to $57,423 as at 5:00 a.m. WAT, recovering from its flash-dip to $52,148 on Sunday, according to data from coindesk.com.

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Flagship altcoin Ethereum surged to $2,250 after it plunged below $2000 from its record high territory on Sunday to $1,978 according to data from Coindesk.

Ripple's XRP soared nearly 20 percent to $1.53 after yesterday's plummet below $1.2 according to Coindesk data.

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Generally, the bull market does not seem ready to lose steam, as investors are continuously pumping volumes into every dip. More so, bitcoin, which plays the most influential role in strengthening investor confidence, has stayed above the 50-day simple moving average (50 SMA), which it broke below yesterday for the first time since October.

Technical analysis suggests that another fall below the 50 SMA in the short term might dampen investor confidence and cause a steeper plunge in bitcoin's price.

It is noteworthy that the infamous meme token, Dogecoin, defied yesterday's carnage to stay in the green zone. The token, which suddenly became the 6th largest cryptocurrency after it took the markets by surprise last week is already up 24 percent today to 33 cents, making it a 364 percent gain in the last seven days.