Following the recent price fluctuations, bitcoin calmed on a daily scale and has since remained above the coveted $40,000 price tag. Most altcoins are also relatively stagnant now, but the top 100 coins have seen the entrance of the recently launched ApeCoin.
Bitcoin’s volatility was quite evident in the past several days, especially on Wednesday morning when the cryptocurrency skyrocketed by nearly $3,000 in minutes and neared $42,000.
However, the asset dumped just as quickly to just under $39,000, resulting in more than $200 million worth of liquidations.
Then came the news from the US Federal Reserve about the increasing interest rates by 25 basis points, which initially sent BTC south by a grand before it recovered all losses almost immediately again.
As such, bitcoin challenged $41,000 yesterday but failed to overcome it decisively. Since then, BTC has remained somewhat stagnant and stands between $40,000 and $41,000.
As such, its market capitalization has been unable to reclaim $800 billion but stands north of $750 billion.
BTCUSD. Source: TradingView
Most altcoins went through similar price pumps and dumps lately but have calmed now. Ethereum is among the few coins in the green today as a minor 1% increase has driven the second-largest cryptocurrency to $2,800.
Avalanche has also charted slight gains and stands at $80. In contrast, Terra (LUNA) has lost the most value – a near 6% decline has pushed the asset below $85.
Ripple, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, and CRO are also slightly in the red since yesterday.
The top 100 coins by market capitalization have a new representative in the face of ApeCoin. Just a day after its launch, the new token of the popular NFT project Bored Ape Yacht Club has grown in market cap to almost $2 billion, according to CoinGecko.
The total market cap of all crypto assets has remained almost flat compared to yesterday at just over $1.8 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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