After the recent gains in marking, bitcoin has slowed down a little to $48,000. However, some alternative coins have continued to climb, with Solana climbing 8% and Terra leaping to an all-time high following a 20% daily rise.
LUNA Marks a New ATH: Sol 8% up
After the mid-week price drops, alternative coins have been on a roll for the past few days. After the Chinese Fud, Ethereum dropped to $2900. However, ETH recovered more than $500 and is currently at a multiweek high of $3,400.
Cardano was also hard hit and close to breaking even below $2. ADA now stands at almost $2.3. After another 4% daily rise, Binance Coin has recovered $430. There are minor gains from Ripple and Polkadot as well as Dogecoin and Uniswap.
Solana is now on a bull run with an 8.8% increase to $170. Terra, however, is the biggest gainer of the larger-cap alts. It has seen a huge 20% jump. LUNA reached a new record high of over $45, just a few hours before.
Cryptocurrency Market Overview. Source: Quantify Crypto
OMG Network (36%), Arweave (20%), Qtum (16%) and ICON (16%) are the most profitable.
The market cap for cryptocurrency has risen to $2.150 trillion. The metric has risen by over $300 billion since Friday’s low.
Bitcoin Calms at $48K
Since Thursday, the primary cryptocurrency led the recovery session. It had fallen below $41,000 for the third consecutive week, just before promising US news changed the situation.
Bitcoin began to rise quickly after Fed Chair Jerome Powell stated that the world’s biggest country by nominal GDP had no plans to ban digital assets and follow China’s lead.
It also reclaimed $43,000 that day, and continued to chart new weekly highs of above $45,000 and 47,000 each week. Yesterday, it also pushed past $48,000. It was rejected initially and dropped back to $47,000.
It has rebounded and now stands at $48,000. The company’s market capitalization is just above $900 billion.
BTCUSD Source: TradingView
Marla Brooks – Financial Analysis
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