Bitcoin rebounds above $95K after Monday's plunge: what's next for crypto market?

The cryptocurrency market is showing signs of resilience after a sharp downturn on Monday, with Bitcoin leading a partial recovery to climb above the $95,000 mark.

Bitcoin had previously plummeted to a low of $89,000—its lowest level in 24 days—as traders anxiously awaited the release of the latest US Consumer Price Index (CPI) report.

Major altcoins mirrored Bitcoin’s volatility, with many experiencing declines of 10% or more in the past 24 hours.

However, amidst the market turbulence, FARTCOIN emerged as a notable outlier, soaring by an astonishing 42% in the same period.

The global crypto market capitalization currently stands at $3.29 trillion, following a day where approximately $150 billion was wiped off from its overall value.

This significant downturn was met with a surge in trading activity, as trading volume skyrocketed by 127% to reach $174 billion, showcasing the market’s characteristic volatility and the reactive behavior of investors.

Bitcoin holds above $95K, while ETH faces headwinds

Bitcoin is currently trading above the $95,000 threshold, demonstrating signs of recovery after Monday's sharp sell-off.

Meanwhile, Ethereum (ETH), one of the leading altcoins, is down by approximately 3% in the last 24 hours, highlighting the uneven recovery across the market.

In a sign of continued institutional interest in Bitcoin, BlackRock introduced a Bitcoin ETF variant on the CBOE Canada exchange, marking a further step towards mainstream crypto adoption.

Bitcoin ETFs see major outflows

Bitcoin (BTC) is currently trading at $95,105, reflecting approximately a 1% gain over the last 24 hours.

Its trading range for the past 24 hours has been between a low of $89,300 and a high of $95,275.

According to data from Farside Investors, Bitcoin ETFs experienced significant outflows on Monday, with a total of $313 million exiting the funds.

Fidelity led the selling with $113 million in outflows, while Ark and 21Shares collectively sold $92 million.

BlackRock’s ETF data is still pending, which could potentially influence Bitcoin’s price in the coming days.

Ethereum declines, while XRP and Solana show stability

Ethereum (ETH) is currently priced at $3,154, down 3% over the past 24 hours.

Its 24-hour trading range has been between a low of $2,921 and a high of $3,266. ETH has experienced the largest decline among the top 10 cryptocurrencies by market capitalization.

Additionally, ETH ETFs recorded outflows of $52 million, with Grayscale accounting for the entire outflow, which has contributed to the bearish sentiment surrounding the coin.

Other notable cryptocurrencies like XRP and Solana (SOL) have displayed a degree of stability.

As per current crypto prices, XRP was trading at $2.52, gaining around 0.5% over the last 24 hours, while Solana (SOL) was trading at $183, down by 1.5% in the same period.

While Solana is down slightly for the day, a report from Coingape suggests that it could begin an "explosive rally soon," indicating a potentially bullish outlook.