The strong recovery in Bitcoin and altcoins from their weekend lows suggests that the traders are aggressively buying each dip.
August 2 the total crypto market capitalization dropped from about $359 billion to $310 billion within a few minutes of Bitcoin (BTC) price surging above the $12K mark.
A fall of such magnitude usually drives away the bulls or at least keeps them at bay until the market stabilizes, but that is not what happened.
The bulls aggressively purchased the dips, which led to a sharp recovery, suggesting that the sentiment is bullish and traders expect the rally to continue in the next few days.
Daily cryptocurrency market performance.