Yesterday’s plunge saw bitcoin rebound, add a few hundred dollars and now stands at $19,000
Many altcoins responded even more positively to this bloodbath. ETH soared past $1,600. KuCoin news has shown that Terra’s LUNC is one of the top performers.
Bitcoin Taps $19K
It is safe to say that the last few days have not been very good for the primary cryptocurrency, particularly since it lost the highly sought-after $20,000 late last Wednesday.
The cryptocurrency remained below this level for most of the weekend, with only a few attempts to recover it. It was unsuccessful, however, as Tuesday saw BTC pump to $20,300.
The bears stepped in immediately and stopped bitcoin from moving. They not only drove bitcoin below $20,000 but also drove it further south by $1,500.
The cryptocurrency fell to $18,500 in six weeks. It responded well and gained about $1,000 within hours. However, it has lost several hundred dollars since then and is now at just over $19,000
Although its market cap has increased by $10 billion per day, it has lost its supremacy over other alts and is now below 38%.
BTCUSD. Source: TradingView
LUNC steals the show
Although alternative coins were just as bad as Bitcoin yesterday, most have outperformed the top crypto asset right now.
The Merge has fueled volatility in Ethereum lately. ETH soared to above $1650 after the Bellatrix update was implemented earlier this week. It then dropped below $1,500 a few days later. The second-largest cryptocurrency is now above $1,600 thanks to a daily increase of 6%.
Binance Coin, Solana and Solana both increased by as much as 6% per day. BNB is now at $280 and SOL at $32.
Other large-cap alts are also green, but with smaller gains. ETC, ATOM and NEAR, LINK and EOS have benefited the most from the midcap alts.
Terra’s rebranded LUNC token has risen by 50% within a day of KuCoin’s support for its burning mechanism.
Although the total crypto market cap has risen to $40 billion per day, it is still less than $1 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
CryptoPotato’s first post, Bitcoin Reclaims $19K, Terra’s LUNC Soars Half-way (Market Watch), appeared first on CryptoPotato.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.