The crypto market landscape is significantly greener today, with substantial gains seen from BTC, XRP, ETH, and others.
After several days of free falls, bitcoin finally turned the situation around, gaining 6% in a day and reclaiming $19,000.
The altcoins are also well in the green today, with ETH surging by a similar percentage. Interestingly, Ripple has emerged as today’s top performer once again.
The past week didn’t go well for BTC. The asset had jumped to just under $23,000 last Tuesday but failed there, and the upcoming US CPI data brought it south by a few thousand dollars to $20,000.
That coveted level gave in shortly after, and BTC found itself struggling below it on Wednesday. In the following few days, bitcoin remained around that level, mostly beneath it.
However, the asset took a hit at the start of this week when it plummeted to a three-month low of $18,300 (on Bitstamp). Here are some of the possible reasons behind this crash.
Did you like this market update?
This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:
Nevertheless, BTC reacted rather positively to this drop. In the hours that followed, it has added more than $1,000 and currently sits at around $19,500. Its market cap stands at $375 billion, while its dominance over the altcoins has taken a breather and is close to 40%.
The alternative coins suffered just as badly as BTC yesterday, if not worse, but the landscape is entirely different today.
After the Merge took place last Thursday, Ethereum’s price headed south violently and dumped by over $300 in days. As a result, ETH plummeted to a multi-month low of under $1,300 yesterday. Now, though, a 6% daily increase has pushed the second-largest crypto to almost $1,400.
Binance Coin also dropped hard, but a similar daily increase has driven it now to north of $270. Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Polygon, and Avalanche are also well in the green from the larger-cap alts.
Ripple is today’s best performer following the latest developments in its case against the SEC. XRP is up by more than 10% and trades closely to $0.4.
The lower- and mid-cap alts have seen notable price increases as well, leading to a $40 billion rise in the overall crypto market cap. Nevertheless, the metric is still quite a long way away from the coveted $1 trillion mark.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn