Weekend Watch: Ripple Soars 8%, Bitcoin Maintains Crucial $42K

Bitcoin’s correction stopped for now at a crucial level around $42,000, which was the January 2021 all-time high. Most altcoins have also stalled or displayed minor gains, excluding Ripple, which went on a tear with an impressive 8% surge.

Bitcoin Bounced Off $42K

It was just a couple of days ago when the largest cryptocurrency went through a highly volatile several hours after it became evident that the US marked a new 40-year record in terms of inflation rates.

BTC dumped by $2,000 to $43,200 before it went on the offensive and spiked by $3,000 to a new monthly high at nearly $46,000.

However, the bears intercepted the move and quickly pushed bitcoin south. This time, the $43,000 line didn’t hold, and the asset dumped below it. As reported yesterday, the situation worsened, and BTC dropped to a weekly low beneath $42,000.

As of now, though, bitcoin has bounced above that level, which is also where the 50-day MA lies. As such, its market capitalization has reclaimed the $800 billion mark.

BTCUSD. Source: TradingView

XPR Steals the Show

The altcoins went through a similar roller-coaster in the past few days, but most are calm now on a daily scale. Ethereum went above $3,200 the other day but dumped below $3,000 on Saturday and remains there as of now.

Cardano is also slightly in the red since yesterday, while Binance Coin, Solana, Polkadot, Avalanche, and Dogecoin have marked minor gains.

Terra and Shiba Inu are up by around 3%-4%, while Ripple has taken the main stage with a near 8% surge. Consequently, XRP now stands well above $0.8.

The cryptocurrency market capitalization has also remained calm and stands still around $1.9 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto