Cardano had a significant boost, gaining more than 10% in value overnight among larger-cap altcoins. Bitcoin, after a brief dip and trading below $41,000, saw a resurgence as bullish activity pushed it above $43,000.
Other altcoins like ADA, DOT, SHIB, AVAX, and SOL also experienced positive movements, contributing to the overall green trend in the market.
Bitcoin’s Volatile Journey: Peaks and Pullbacks
Ever since Bitcoin (BTC) reached a 19-month peak at $44,700 on Saturday, the cryptocurrency’s trajectory hasn’t been consistently positive. It retraced to $44,000 over the weekend and experienced a significant drop on Monday, falling below $41,000.
The situation took a further dip on Tuesday, reaching $40,200. However, the bulls successfully defended this level, propelling BTC back up to around $42,000. Although it struggled to reclaim this line on Tuesday, the asset made a resurgence yesterday evening, surging past $42,000 and even reaching $43,000.
As of now, Bitcoin is trading just below $43,000. Despite recent fluctuations, its market cap has surged by more than $30 billion since yesterday, reaching close to $840 billion on CoinMarketCap.
BTCUSD. Source: TradingView
Cryptocurrency Market Reversal: ADA Takes the Lead
Yesterday, many alternative coins faced losses, creating a bearish market sentiment. However, today tells a different story, with Cardano (ADA) leading the way among larger-cap altcoins. ADA has surged over 12% in a single day and is currently trading close to $0.65.
Following ADA’s lead, Solana (SOL) records an 8% increase, while Polkadot (DOT) and Shiba Inu (SHIB) both see a 7% rise. Consequently, SOL is back above $70, DOT is surpassing $7, and SHIB is at $0.00001.
Other major cryptocurrencies like Avalanche, Ethereum, Ripple, Dogecoin, Chainlink, and Polygon have also experienced gains ranging up to 4%.
Additionally, notable gains are observed in lesser-known tokens like BONK (42%), Helium (25%), WOO Network (25%), Injective (25%), and others.
Cryptocurrency Market Overview. Source: Quantify Crypto
Although the total crypto market cap saw a significant surge of over $60 billion from yesterday’s low, it currently remains below $1.6 trillion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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