Bitcoin has reacted well to the latest price drop below $41,000 and quickly spiked above $43,000. Most alternative coins continue with indecisive moves, with Binance Coin being today’s exception. BNB has increased by more than 8% to above $370.
The enhanced volatility that bitcoin faced in the past several days continued yesterday as well. CryptoPotato reported when the cryptocurrency fell below $41,000 for the second time in just a few days, but the bulls drove it upwards by a few thousand dollars almost immediately.
However, the pain wasn’t over yet as another price drop transpired, which pushed it down to a new low of $40,800 (on Bitstamp). The situation changed somewhat rapidly again, and this time BTC went higher.
In just a matter of hours, bitcoin added roughly $3,000 of value and tapped an intraday high of $43,800. As of now, though, it has retraced by several hundred dollars and stands around $43,000.
As a result, bitcoin’s market capitalization has risen above $800 billion, while the dominance over the alternative coins has increased to just under 43%.
BTCUSD. Source: TradingView
Most alternative coins have failed to produce any significant gains in the past few days. Ethereum has been one of the biggest losers as it had dropped from above $3,100 to $2,900, where it stood for a while. In the past 24 hours, ETH went on a run and surged above $3,000, but as of now has retraced below that level once more.
Cardano continues to decline in value with another 2% dip. As a result, ADA stands beneath $2.1. Ripple, Solana, Polkadot, Dogecoin, Avalanche, and Terra have remained relatively calm since yesterday.
Binance Coin has outperformed all larger-cap alts with an 8% increase. Consequently, BNB has reached a multi-day high above $370. This comes just hours after the leading crypto exchange announced the latest project to go live on its Binance Launchpad.
Cryptocurrency Market Overview. Source: Quantify Crypto
OMG Network is the only double-digit gainer in the past 24 hours with a 13% increase, followed by LEO with a 9% surge.
Nevertheless, the crypto market cap has added around $40 billion and currently stands above $1.9 trillion.
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