Bitcoin Tests $38K as MATIC Explodes 10% (Market Watch)

Following a few days of consecutive price drops, bitcoin went on the offensive once more and neared $38,000. Most altcoins are also in the green today, with impressive price recoveries from Binance Coin, Dogecoin, Avalanche, MATIC, CRO, NEAR, and others.

Bitcoin Eyes $38K

The primary cryptocurrency slumped by more than $10,000 in a few days from January 20th to January 24th when it dumped to its lowest price point since late July below $33,000.

This resulted in a large number of liquidations for over-leveraged traders and harmed the overall sentiment for the entire crypto market. Since that low, though, the asset reacted well and started to recover some of the lost ground gradually.

As reported yesterday, bitcoin shot up by about $4,000 and tapped $37,000. In the following hours, the cryptocurrency retraced by $1,000 before it went on the attack again. This time, it touched $38,000, where it’s situated now as well.

As such, its market capitalization has reclaimed the $700 billion tag.

BTCUSD. Source: TradingView

Altcoins See Green: MATIC 10% Gains

The alternative coins suffered as well during the most recent price slides, but most are currently well in the green today. Ehtereum was even close to breaking below $2,000 at one point. Now, though, the second-largest cryptocurrency is at around $2,500 after a 3% daily increase.

Similar price increases are evident from Cardano, Solana, Shiba Inu, Ripple, and Chainlink. More impressive gains come Dogecoin (8%), Avalanche (9%), MATIC (10%), CRO (8.5%), and NEAR (12%).

The situation with the lower- and mid-caps is similar. The most significant gainer on a daily scale is Waves (40%), followed by LRC (17%), GALA (15%), HNT (14%), SCRT (13%), ENJ (13%), SNX (12%), and others.

The cryptocurrency market cap now stands at $1.7 trillion, which means that the metric is up by $200 billion since the low two days ago.

Cryptocurrency Market Overview. Source: Quantify Crypto