Bitcoin Performing 'Exceptionally Well,' Says Markets Commentator As BTC Helps Fuel A 42% Crypto Market Recovery From April Lows

Capital markets commentator The Kobeissi Letter highlighted the impressive rebound of the cryptocurrency market, particularly Bitcoin (CRYPTO: BTC), from its April lows on Tuesday.

What Happened: Through its official X account, Kobeissi Letter highlighted that the total cryptocurrency market cap has surged by $1 trillion, or 42%, since the bottom on April 8.

Furthermore, it stated that the market valuation was only 6% below its December peak of $3.70 trillion.

Bitcoin was the primary driver behind the surge, noted The Kobeissi Letter, given the total market capitalization, excluding BTC, increased by just $319 billion since April lows.

“Bitcoin is performing exceptionally well,” it added.

See Also: ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Agrees With Raoul Pal’s Bitcoin ‘Banana Zone’ Theory: ‘He Knows What He’s Talking About’

Bitcoin currently has the largest market share, accounting for almost 63%. However, Ethereum (CRYPT: ETH) managed to increase its dominance from 7.4% to 9.3% over the month, according to CoinMarketCap.

Moreover, the apex cryptocurrency has already gained 15.31% in May, nearly doubling its average returns during the month.

Why It Matters: The cryptocurrency market’s rebound comes after a period of major decline. Bitcoin plunged below $75,000 in early April, marking its lowest level in months. This drop was triggered by President Donald Trump’s sweeping tariff measures, which reignited fears of a global recession and led to a sharp sell-off in risk assets.

However, the sentiment has eased after the U.S. announced a trade deal with China earlier this month, sending recession odds lower and reigniting a rally in stocks and cryptocurrencies alike. Bitcoin climbed to its all-time high of $111,970.17 last week.

Price Action:  At the time of writing, Bitcoin was exchanging hands at $108,972.89, down 0.33% in the last 24 hours, according to data from Benzinga Pro. 

Read Next: White House Says Gold Reserves May Be Used to Purchase Bitcoin

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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