After marking the multi-week low yesterday, bitcoin reacted well and spiked by almost $2,000 in the following hours. Most altcoins are also slightly in the green following the recent corrections. NEAR Protocol leads the way with a double-digit daily increase.
Bitcoin Taps $39K
After failing at $41,000 last week, bitcoin started its rapid descent and found itself trading below $38,000 just a day later. The bulls stepped up at this point and pushed the asset north. As a result, bitcoin was above $40,000 shortly after, but, as it happened the last time, it didn’t stay there for long.
Just the opposite, BTC slumped once more and remained below $39,000 for a few days. Another price decline came yesterday when the asset dumped to $37,500, which became its lowest level in about two months.
The bulls intercepted this move once more and drove bitcoin north. This time, the cryptocurrency jumped to $39,000 and currently sits just a few hundred dollars south of that line.
Its market capitalization now sits at $740 billion, while its dominance over the altcoins is above 42%, as most of them have suffered even most in the past week or so.
BTCUSD. Source: TradingView
NEAR Leads the Way
As mentioned above, the altcoins have also felt the bearish market sentiment as of late, but at least the past 24 hours have been slightly more positive.
Ethereum is up by around 2.5% and sits at $2,850. Just yesterday, the second-largest crypto fell to a multi-week low of its own at approximately $2,700.
Binance Coin trades at $390 after a minor daily increase. Terra, Cardano, Polkadot, Avalanche, and Shiba Inu are also slightly in the green.
Ripple has jumped by more than 5% in the past 24 hours and stands above $0.6. The most substantial gainer from the larger-cap alts is NEAR Protocol. The asset has added over 11% of value and currently sits at $12.
The crypto market cap has recovered $40 billion since yesterday and is now at $1.750 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto