Aside from a brief price drop yesterday, bitcoin has continued its gradual price increase by exceeding $48,000. Most alternative coins are also in the green, with ETH leading the pack by surging 6% on the day and reclaiming $3,600.
After the relatively stable weekend in which BTC stood around $46,000, enhanced volatility reached the market on Monday. Fake reports claiming that Walmart will accept Litecoin payments for its online services sent bitcoin up by $1,500 in minutes before it crumbled by $3,000 less than an hour later.
The impact of the fake news and the most recent Chinese FUD, though, was short-lived. The bulls came back to play and started driving the cryptocurrency north again.
As such, bitcoin begun to reclaim round-numbered price tags in the following days, leading to yesterday’s surge above $47,000. It kept climbing and even tapped $48,000 briefly before it was rejected and driven back down by around $1,000.
However, the bulls kept the pressure on and ultimately pushed BTC up to around $48,500, which became the highest price line since last Monday. As of now, bitcoin has lost a few hundred dollars, but its market capitalization stands above $900 billion.
BTCUSD. Source: TradingView
The second-largest cryptocurrency also dumped hard on Monday from a high of $3,400 to a low of $3,100. Similarly to BTC, ETH started recovering rather rapidly. Earlier today, the asset neared $3,700 for a new weekly high.
Despite retracing slightly, it still stands above $3,600 and is about 6% up on the day. Since Monday’s low, ETH has risen by almost 20%.
Cardano, Binance Coin, Ripple, Chainlink, and Litecoin have also charted some gains on a 24-hour scale. Uniswap and Avalanche have increased even more by 6% and 9%, respectively. In contrast, Solana, Polkadot, Dogecoin, and Terra have stalled since yesterday.
Cryptocurrency Market Overview. Source: Quantify Crypto
Further gains come from Ren (22%), Horizen (22%), SushiSwap (19%), Synthetix (19%), THORChain (16%), Telcoin (12%), Curve DAO Token (12%), and Revain (12%).
The crypto market cap has increased by roughly $60 billion in a day and has risen above $2.2 trillion.
The RWA market is evolving rapidly, according to a new report shared today by institutional…
Ripple-linked XRP may be one of the biggest names in the cryptoverse today, but its…
The debate over whether Bitcoin’s hashing algorithm can be hacked continues to evolve. This time,…
The Cardano Foundation has urged the European Commission not to broaden the Markets in Crypto-Assets…
Matt Crosby, a research director at Look Into Bitcoin, said in a recent interview that…
Cardano could be heading toward a fresh wave of adoption as market analyst Lana Valentis…