Bitcoin has seen a price increase in the last 24 hours and briefly surpassed $48,000. Alternative coins are also doing well, with ETH closing at $3,300. AXS, however, is once again the biggest gainer, seeing a 50% increase to a new ATH.
Bitcoin Hits $48K
In just a matter of days, cryptocurrencies can go through a lot. On September 29, bitcoin experienced its third consecutive dip below $41,000.
The bulls reacted quickly and drove the asset north. BTC had gained around $2,000 in value within a matter of hours. But that wasn’t all. The US’s Fed Chair Jerome Powell stated that the country has no plans to ban digital assets. This was encouraging news.
Bitcoin soared to $47,000 within minutes and continued climbing over the next few hours. It reached an intraday high of $48,500 which was the highest price since September 19th.
Although its market capitalization is now $900 billion, it has retraced below $48,000.
BTCUSD Source: TradingView
lts see green again; AXS New ATH
The alternative coins suffered similarly until Wednesday but have rebounded quite well. Ethereum was down to $2900. ETH now trades at $400 higher, after a further 9% increase over the last 24 hours.
Cardano (5%), Binance Coin (5.5%), Ripple (6.5%), Dogecoin (7.5%), Terra (2.2%), Avalanche (5.5%), and Uniswap (5%) all have good results against the larger-cap alts. With substantial double-digit gains, Solana (5%), Polkadot (5.5%) and Ripple (6.5%) have all outperformed.
Cryptocurrency Market Overview. Source: Quantify Crypto
Axie Infinity is the highest-performing of the top 100 coins once more. AXS has risen by 50% to $120, a new record.
Revain (25%), Ren (21%) and ICON (21%), THETA (21%), Elrond (20%), THETA (20%)), Elrond (20%), Flow (17%)), Celsius (17%) Filecoin (17%) and OKB (16%) are some of the other options.
The market capitalization for cryptocurrency has risen by approximately $200 billion from the low point and now stands at $2.1 trillion.
Marla Brooks – Financial Analysis
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