Bitcoin has rebounded from yesterday’s massive decline, forming a bounce candle on the daily chart around a key level. The flagship cryptocurrency has reclaimed the $55,000 level after falling as low as $49,577, leaving Bitcoin supporters with hopes of a potential bull run.

Notably, yesterday’s volatility extended beyond Bitcoin, as almost the entire cryptocurrency market crashed along with the cryptocurrency pioneer. Even the total cryptocurrency market cap took a significant hit, falling from $2.442 trillion to $1.691 trillion during the market crash. However, just like Bitcoin, the total cryptocurrency market cap has partially recovered from yesterday’s losses.

Cryptocurrency market analysts have narrowed the scope to the altcoin market, creating a screenshot of the total altcoin market cap, excluding the top 10 cryptocurrencies. It showed how the market cap is taking into account the existing technical formation by returning above the neckline of the Head and Shoulders pattern. The experts highlight the importance of the altcoin market cap trend, noting a developing reversal candle around the crucial level, as the metric tries to reclaim $180 billion.

It is believed that the development of the total altcoin market cap chart could signal a “light at the end of the tunnel,” suggesting that it could mark the beginning of a sustainable bull rally in the altcoin market.

Meanwhile, Ethereum has also returned, with the flagship altcoin seeking to reclaim $2,500 after falling as low as $2,116 during the recent market crash. According to TradingView data, ETH is trading at $2,456 at the time of writing, as the crypto market, led by Bitcoin, looks to recover from its most volatile drop this year.