Bitcoin has rebounded by $3,000, climbing back above $117,000 after a significant drop due to a sell-off by Galaxy Digital. This recovery comes as the total cryptocurrency market cap increased by over $70 billion from the previous day's low. The market had been in a consolidation phase since Bitcoin hit a new all-time high of over $123,000 on July 14. Altcoins have also shown strong performance, with Ethereum rising above $3,700 and SUI surging 10% to $4. Other notable gainers include XRP, Solana, and HBAR. The market's recovery is viewed as a potential turning point, with analysts optimistic about the possibility of reaching new all-time highs if current levels are maintained.