Weekend Watch: ETH Soars to 3-Month High, AXS Adds 12% Despite Recent Ronin Hack

After falling by nearly $4,000 in a day, bitcoin reacted well and bounced off to above $46,000. Most altcoins are also in the green today. Impressive gains are evident from Ethereum, Binance Coin, Solana, Avalanche, NEAR Protocol, Axie Infinity, and others.

Bitcoin Reclaims $46K

Last week started with a notable price surge from bitcoin when the asset spiked from $45,000 to just under $48,000 to mark its highest price tag since early January. It failed at first to breach that level but managed to do so a day later.

After tapping a three-month high, the cryptocurrency stalled for the next few days and remained between $47,000 and $48,000. This changed on March 31 when BTC slumped from $47,700 to just over $44,000 in a matter of hours.

Nevertheless, bitcoin reacted well to this price drop and started recovering value almost immediately. As such, it spiked to and above $47,000 a few hours back. Despite retracing to $46,600 as of writing these lines, BTC is still over 3% up on the day.

BTCUSD. Source: TradingView

AXS and NEAR Lead the Way

The altcoins suffered just as badly yesterday, but the situation today is largely different.

Ethereum dropped to around $3,300, but a 6% increase since then has pushed the second-largest cryptocurrency to just under $3,500 as of now. This is ETH’s highest price level in almost three months.

Binance Coin has added around 5% of value in the past 24 hours and sits at a two-month high at $450. More impressive gains come from Solana (7.5%), Terra (6%), Avalanche (7%), Dogecoin (5%), Shiba Inu (6.5%), and MATIC (5%).

Ripple, Cardano, and Polkadot are also in the green but with a bit more modest gains.

NEAR Protocol and Axie Infinity have stolen the show. NEAR is up by almost 20% and sits above $15. Axie Infinity has jumped by around 12% on a daily scale, despite the recent hack against Ronin, and sits above $70.

The crypto market cap has recovered roughly $100 billion since yesterday and is above $2.150 trillion once more.

Cryptocurrency Market Overview. Source: Quantify Crypto