Bitcoin Hovers Near $7,000, While Altcoins Show Marked Signs of Recovery

August 5: After yesterday's market nosedive, Bitcoin is up just slightly, hovering around the $7,000 mark.

All major altcoins are however showing marked signs of recovery, up between one and seven percent, as data from Coin360 shows.

Bitcoin is trading around $7,040 to press time, holding ground on the day after its rapid tumble yesterday back to a price point not seen since July 17.

Bitcoin's weekly losses are now at around 14.05 percent, with monthly gains pinched to just under 8 percent.

Ethereum is seeing slightly more significant daily gains, up 1-2 percent to trade around $412 at press time.

The leading altcoin has nonetheless sustained a gradual decline to lose over $50 in value on its weekly chart, posting around a 11.35 percent loss.

IOTA is a significant outlier, showing the strongest signs of recovery of the major altcoins with a solid 7.21 percent gain to trade around $0.91 at press time.

Of the top ten coins, Cardano is the second strongest performer on the day, up around 3.63 percent to trade around $0.13 at press time.

Among the top twenty coins by market cap, Ethereum Classic is also seeing significant gains, growing 7.17 percent on the day and trading around $17.44 at press time.

Total market capitalization of all cryptocurrencies is around $257.2 billion at press time - up solid $5 billion from yesterday's low at $252.3 billion.