Bitcoin was reminded of the price spikes and roller-coaster movements, but has since recovered $40,000. Many altcoins are in the green, with Ethereum charging at $2,700.
Bitcoin is now worth more than $40K
Except for a few minor movements up or down, bitcoin was relatively calm over the past few days. It stood at $39,000 most of the time. It all changed within the last 24 hours.
Before it skyrocketed from $3,000 to $42,000, the asset traded at or near that level. It fell quickly, and it returned to $39,000. This resulted in more than $200 million in liquidations for traders who were over-leveraged.
However, the bulls regained market control and drove BTC north again. Although the gains were slower, bitcoin still managed to regain $40,000. The cryptocurrency currently stands at $40,500. Its market capitalization has risen to well over $750 billion.
BTCUSD. Source: TradingView
ltcoins See Green
Alternative coins have also struggled over the past few days, with little to no decisive movement. However, now green dominates.
With a daily increase in Ethereum of 6%, it is one of the top cryptocurrency exchanges. After dropping below $2,500 earlier in the week, Ethereum has now reached $2,700.
Similar increases were seen in Solana and Polkadot. They trade at $83, $18, $80 and $80 respectively.
Binance Coin and Ripple have experienced modest gains, but they are still in green. Fantom, EGLD and other altcoins with lower and mid-caps are among the top performers with double-digit jumps.
After falling below $1.7 trillion, the crypto market cap has risen by $80 billion per day.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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