Following a few days of severe price drops, the cryptocurrency market is in a state of recovery today. Bitcoin has surged from $10,300 to nearly $10,800, while Ethereum trades above $340.
Bitcoin Bounced Off $10,130
After bottoming at $10,130 a few days ago, the primary cryptocurrency started recovering yesterday and hovered around $10,400. In the past 24 hours, Bitcoin continued upwards and just a few hours ago, peaked at almost $10,800 (On Binance).
Although BTC has lost some steam and has retraced to $10,650, this is still a near 4% increase on a 24-hour scale.
Bitcoin’s upside movement is significantly more impressive than the stock markets. While BTC is up by about 4%, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average closed yesterday’s trading session with increases of about 0.3%.
However, BTC’s correlation with gold continues to be evident. The precious metal went from its daily bottom of $1,845 per ounce to an intraday high of $1,878 and has declined slightly to $1,870.
- Bitcoin Indecisive Below $10,500 as Altcoins Continue to Suffer (Wednesday Market Watch)
- Market Watch: Bitcoin Tumbles to $10,130 as Equity Markets Finish in Deep Red
- Cryptocurrency Market Sheds $8 Billion Since Yesterday (Market Watch)
Altcoins Pump Hard
In the past few days, most alternative coins bled out rather vigorously, and their market cap plummeted from about $150 billion to $130 billion. However, in the past 24 hours, most alts have bounced off, thus increasing the altcoin market cap to $139 billion.
Ethereum bottomed at $315 yesterday but has surged since then, and ETH trades at about $345. Ripple is 3.5% up and currently sits above $0.23. Bitcoin Cash (2%), Polkadot (5%), BINANCE Coin (5%), CRYPTO.COM Coin (3.5%), and Litecoin (2%) are also in the green.
Nevertheless, Chainlink has outperformed all top 10 coins with a surge of 17%. LINK is nearing $10 and has overtaken CRO for the 8th spot.
Further gains are evident from lower-cap altcoins. Avalanche leads with a 23% increase, Synthetix Network Token (19%), ABBC Coin (18%), and Helium (18%) complete the top four. It’s worth noting that HNT has entered the top 100 after being listed on the leading cryptocurrency exchange Binance.
Cosmos (15%), Arweave (14%), UMA (13%), Ren (12.5%), Algorand (12%), Orchid (12%), Band Protocol (11.5%), THETA (11%), Neo (11%), and Uniswap (10%) complete the double-digit price increase club.
