After yesterday’s enhanced volatility again, where bitcoin tapped a ten-day high above $39,000, the asset has calmed just below that level. Most alternative coins are untypically stable on a daily scale, with ETH standing beneath $2,800 and Polkadot reclaiming $20.
The past several days were quite volatile for the leading digital asset, starting from a near $2,000 drop on January 31st that drove it from above $38,000 to a multi-day low at just over $36,500.
After stalling at that line for a bit, bitcoin went on the offensive during the weekend. As reported on Sunday, the asset reclaimed $37,000 and even tried its hand at $38,000.
It was rejected at first, but the bulls kept the pressure on and pushed BTC further north. This time, BTC even challenged $39,000. It briefly exceeded that level yesterday, which became the highest price tag in ten days.
However, bitcoin failed to sustain that level and has retraced to around $38,500 as of writing these lines. As such, BTC’s market cap has remained well above $700 billion.
BTCUSD. Source: TradingView
The alternative coins marked significant gains yesterday, with Ethereum leading the pack following a double-digit price surge. As of now, the second-largest digital asset has calmed and sits just under $2,800. Binance Coin, Ripple, and Dogecoin are in a similar position, with minor daily declines.
In contrast, Solana, Cardano, and Avalanche have marked insignificant increases since yesterday. SOL stands at $110, ADA is above $1.05, and AVAX is north of $70.
Polkadot’s 3% increase in a day means that DOT trades above $20. Moreover, DOT has become the 10th largest cryptocurrency by market cap, according to CoinMarketCap, thus replacing Dogecoin.
The cumulative market capitalization of all crypto assets has declined slightly since yesterday, but it’s still above $1.6 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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