The last week of February 2025 was a rollercoaster for the cryptocurrency market. With most coins including BTC and altcoins facing massive price dips, the market crashed to unprecedented levels. BTC for instance dropped to a four-month low hitting the $78,000 price level for the first time since November 2024. Ethereum and other altcoins also faced major price drops with Ethereum reaching the lowest point in over one year. 

#Bitcoin is currently holding above $85,000, with some positive movement in the #market. A clear move is expected when the US #markets open on #Monday. Today, sideways movement is anticipated. pic.twitter.com/LFTlanx3mS

— Crypto VIP Signal™ (@CryptoVIPsignal) March 2, 2025

However, the crypto market is now showing signs of recovery after the recent bloodbath. This is depicted by the Total Crypto Market Cap (TOTAL) which has now shifted upwards after dropping to the $2.58 trillion level on Feb. 28, 2025. The TOTAL currently stands at $2.79 trillion and could be destined for a recovery as the market recovers. 

The key levels to watch for the TOTAL in the short-term according to the chart above include; the support at $2.58T and resistance at $2.94T. If the market breaches the resistance, then a bullish momentum will be confirmed. Failure to do so could cause further turmoil with a retest of the $2.58T support more probable. 

How Is Bitcoin (BTC) Performing Today? 

Bitcoin recently dropped below $80K and briefly touched the $78,795 price level before rebounding. As of the time of this writing, BTC is trading at $86,273.17 as per data on Coinmarketcap. This price level marks a slight 1.50% on the day indicating a recovering market. However, on the weekly chart BTC is still down by over 10%. 

The data also shows that trading activity around BTC has slowed down recently. This has seen BTC’s trading volume drop by over 60.76% over the last 24 hours. Currently, Bitcoin has recorded a trading volume of $25.09 billion. BTC also has a market capitalization of $1.71 trillion. 

How Are Top Altcoins Performing? 

With the crypto market now recovering, top altcoins have not been left behind either. Ethereum is currently trading at $2,222.60 after almost breaching the $2,000 level on Feb.28, 2025. Nonetheless, while ETH is on a bullish momentum the price still indicates a slight 0.58% dip on the day. 

XRP, on the other hand, is putting up a show with an impressive price surge today. The ripple-backed coin is currently trading at $2.27 marking a 4.28% surge on the day. This is the most amongst all top 10 crypto coins by market cap. 

The Binance Coin (BNB) is also making an impressive recovery. BNB which recently dropped to $560.03 on the last day of February has now recovered to $610.17. On the day BNB is up by 2.43% and is on an upward momentum. 

Solana is following suit with an attempt to make a significant recovery. SOL fell to $126.61 amidst the recent market turmoil and has since recovered slightly well. Today SOL is trading at $144.29 with a small dip surge 0.38% on the day. However, Solana still holds immense potential despite the recent concerns around memecoins in the ecosystem. 

Will The Crypto Summit Affect the Crypto Market?

The crypto market is often affected by various factors including major news and events. For instance, the recent market turmoil can be attributed to Donald Trump’s confirmation that the tariffs imposed on Canada, Mexico and China will go on. 

With that in mind, on Friday March 7 U.S president Donald Trump is set to host the first white house crypto summit as announced by Crypto Czar David Sacks. But will this event affect the crypto market? 

The upcoming crypto summit is set to become an inaugural moment as it’s the first of a kind to be held in the White House. This event will involve top crypto founders, CEO, investors and top crypto policy makers. These crypto leaders, led by Trump, are set to involve discussions about the future of crypto regulation and innovation. Hence, the event could spark massive optimism in the crypto community resulting in a price surge amongst top cryptocurrencies. 

Nonetheless, traders and investors are advised to keep an eye on how the crypto market performs in the coming. Cryptocurrencies are highly volatile thus traders and investors must be careful.