Crypto Markets Add $80B in a Day as Bitcoin Touched $42K (Weekend Watch)
After dipping to $40,000 yesterday, bitcoin went on the offensive and tapped $42,000 to mark a near 10-day high. The altcoins have also turned green today, with Ethereum eyeing $3,000 and Avalanche soaring by over 9%.
Bitcoin Sees a 9-Day High
The primary cryptocurrency experienced enhanced volatility last week when it suddenly pumped by $3,000 in minutes from $39,000 to nearly $42,000. However, the situation reversed shortly after, and the asset retraced just as quickly to its starting level.
It reclaimed $40,000 a day later, but then the US Federal Reserve confirmed its plans to raise the interest rates by 25 basis points. Consequently, bitcoin slid once again and dropped by around $1,000.
Yet, this price retracement was short-lived, and the cryptocurrency went on the offensive again. It remained around and above $40,000 for the next few days.
Hours ago, though, bitcoin initiated another leg up by briefly exceeding $42,000 for the first time since March 10. As of now, the asset stands just under that level, and its market capitalization is close to $800 billion.
Alts in Green Led by AVAX
The alternative coins were also relatively calm in the past few days, but green now dominates the market. Ethereum is among the best performers from the larger-cap alts.
The second-largest crypto is up by 5% and stands well above $2,900. Roughly a week ago, ETH had dipped below $2,500.
Binance Coin, Ripple, Terra, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu are also well in the green with increases of between 2% and 5%.
Avalanche is the most significant gainer from the larger-caps with a 9.5% surge. As a result, AVAX stands above $85.
More daily increases come from SNX (22%), Zcash (13%), Waves (12.5%), THORChain (11%), Fantom (10%), and others.
Ultimately, the crypto market cap has added around $80 billion in a day and is close to $1.9 trillion.
OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow