After dipping below $37,000 yesterday, bitcoin went on the offensive and added more than $2,000 in hours to tap a new 10-day high. The alternative coins are also well in the green, with notable gains registered from Ethereum, Solana, Terra, and others.
The past several days have been highly volatile for the primary cryptocurrency. Just on Thursday, it dipped to $35,500 on two separate occasions before it started to regain some value and touched $38,000 during the weekend.
It even spiked to $38,600 as reported on Sunday, but the bears stepped in and didn’t allow any further gains. Just the opposite, they pushed the asset south, and BTC dumped below $38,000 hours later.
The situation worsened yesterday as bitcoin dropped by another $1,000. However, this is where the bulls came to play. In the following hours, BTC started to regain value rapidly and exceeded $38,000.
Moreover, it initiated another leg up that resulted in briefly touching $39,000, which became the highest price tag in about ten days. As of now, bitcoin has retraced slightly, but its market capitalization has shot up to well above $700 billion.
BTCUSD. Source: TradingView
The alternative coins bled out yesterday, but most are well in the green now. Ethereum leads the way with a massive 10% increase that has driven the second-largest crypto to just shy of $2,800.
Binance Coin, Cardano, and Dogecoin have recorded more modest price gains of around 4% each. More increases come from Ripple, Avalanche, Shiba Inu, MATIIC, Polkadot, CRO, and others.
The most significant gainers from the larger-cap altcoins are Solana and Terra. Both have jumped by around 17% on a daily scale. As a result, SOL has reclaimed the coveted $100 mark, while LUNA sits above $50.
More daily increases come from LooksRare (19%), Osmosis (15%), Mina Protocol (14%), Cosmos (14%), Aave (13%), Gala (12%), Curve DAO Token (11%), and others.
The crypto market cap is up by around $100 billion in a day and sits close to $1.8 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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