Update Oct. 13, 4:26am UTC: This article has been updated to reflect that MARA Holdings bought 400 Bitcoin on Sunday.
Total crypto market capitalization soared back over $4 trillion on Sunday, with Ether, BNB and Dogecoin posting double-digit gains after Friday’s market crash that wiped out nearly $500 billion in crypto value.
The three blue-chip coins have surged 10.5%, 13.6% and 12.5% over the last day, while Solana (SOL), Cardano (ADA), and Chainlink (LINK) are also up over 10%, CoinGecko data shows.
Synthetix (SNX) briefly rose over 100% — eclipsing its pre-crash price level and even setting a new 2025 high — while a few other smaller-cap coins like Mantle (MNT) and Bittensor (TAO) increased over 30%.
The market crash, which saw Bitcoin fall from around $121,560 to below $103,000, was triggered by US President Donald Trump’s 100% tariff on China, as part of an attempt to place export restrictions on rare earth minerals, which are crucial for creating computer chips.
The market turmoil was exacerbated by Binance’s front end briefly showing $0 prices on several altcoins, as well as the USDe synthetic dollar depegging on Binance due to an internal oracle issue.
The crypto market started to recover around the time Trump said “not to worry about China,” adding that it wants to help China, not hurt it.
While prices haven’t fully rebounded from Friday’s crash, the recovery has many optimistic that Bitcoin (BTC) could still run toward $200,000 before the end of 2025.
Crypto market analyst Mister Crypto said that Bitcoin is retesting the golden cross — a bullish technical pattern that has historically preceded rallies, including a 2,200% rise in 2017 and a 1,190% increase in 2020.
“The setup looks incredibly strong,” he wrote, adding that a confirmed breakout could “absolutely explode” Bitcoin’s price in the coming weeks.
Crypto trader Alex Becker said there’s a “very high chance” that this is the start of the bull market, while Jan3 founder Samson Mow added: “It’s time for Bitcoin’s next leg up.”
Another crypto analyst, “Mac,” said that while the risk-to-reward setup looks favorable, he doesn’t expect a major surge in the immediate term, but speculated that “a little more upward chop” may ensue over the next week.
Bitcoin is currently trading at $115,585, still down 4.9% from the start of the dip and about 8.8% from its $126,080 set last Monday, CoinGecko data shows.
BitMine capitalized on the dip
Meanwhile, BitMine Immersion Technologies, the largest corporate Ether (ETH) treasury company, snapped up over 128,700 ETH worth $480 million shortly after the crash, crypto analytics platform Lookonchain noted.
BitMine’s executive chairman, Tom Lee, said the stock market pullback was “overdue to an extent” given the market is up around 36% since April’s lows.
“I think it’s a good flush,” Lee told CNBC, adding that any price fall without a real structural change is a “good buying opportunity.”
Strategy may have bought the dip too
Strategy executive chairman Michael Saylor hinted that his company bought the dip, posting a chart of Strategy’s Bitcoin holdings to X on Saturday with the caption: “Don’t Stop ₿elievin’”
Related: Why did some altcoins on Binance crash to zero?
Lookonchain also noted that Bitcoin miner MARA Holdings bought 400 Bitcoin worth $46.3 million on Sunday.
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