Weekend Watch: Crypto Recovery – Bitcoin Eyes $38K, SOL Spikes 8%

Bitcoin’s recovery attempts continue with the asset aiming to overcome $38,000. Most alternative coins have produced even more significant gains since yesterday. Ethereum is up by 7%, while Solana has jumped by 8%.

Bitcoin Eyes $38K

Ever since bitcoin failed to breach $39,000 on Wednesday, as the Federal Reserve said it will increase the interest rates in March, the asset was unable to display any notable gains.

In fact, it dropped to $35,500 hours after the Fed meeting and was halted in its tracks when it tried to bounce off. After the second dip to the aforementioned local bottom, though, the situation started to change.

This time, BTC spiked above $37,000, dipped once more to beneath that line, and went on the offensive again in the past 24 hours. As of now, the asset stands close to $38,000, and its market capitalization has reclaimed the $700 billion mark.

BTCUSD. Source: TradingView

Alts See Green: SOL 8% Up

The alternative coins suffered in the past few weeks, but the overall landscape today is significantly more positive. Ethereum, which struggled to remain above $2,000 last week, now trades above $2,550. This comes after an impressive 7% increase from the second-largest crypto.

Solana and Avalanche are among the best performers from the top 10 largest digital assets. SOL is up by 8%, while AVAX has gained 9%.

More gains come from Binance Coin (2%), Cardano (4%), Ripple (3.5%), Terra (1%), Polkadot (5%), Dogecoin (3%), and MATIC (6.5%).

Further price increases are evident from Flow (17%), Celsius Network (15%), LooksRare (13%), The Sandbox (11%), Kadena (11%), eCash (10%), and CRO (10%).

The cumulative market cap of all crypto assets has increased by about $50 billion in a day to just over $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto