Bitcoin had a good response after hitting a low for the week yesterday. It quickly shot up by three thousand dollars in just a few hours, getting close to $38,000 once more.
Avalanche and Solana are doing really well compared to the rest of the market. They’re experiencing significant price increases once again. Other cryptocurrencies are also doing better, with Ethereum (ETH) going back above $2,000, and Binance Coin (BNB) rising above $250.
Bitcoin’s Rollercoaster Week: Surge, Retreat, and Another Attempt at $38,000
About a week ago, Bitcoin experienced a significant surge, reaching $38,000 for the first time in 18 months. However, the bears predicted this move and swiftly pushed the asset’s value down, resulting in a rapid decline of over $2,000 within minutes.
By the weekend, BTC had recovered some of its value, maintaining a position above $37,000 for several days. The situation took a downturn on Tuesday and especially on Wednesday when bearish forces led the cryptocurrency to a weekly low of $35,000.
Despite this setback, Bitcoin rebounded from the support level and initiated another upward movement. This time, the asset added $3,000 in less than a day, touching $38,000 once again just hours ago.
Currently, Bitcoin has not yet surpassed this threshold and is positioned approximately $500 below it. Its market capitalization has seen an increase of about $30 billion, reaching just over $730 billion on CoinMarketCap.
BTCUSD. Source: TradingView
Altcoins in Action: Volatility Sparks Varied Moves
In the midst of heightened volatility for Bitcoin, altcoins are quick to make moves rather than staying on the sidelines. Among the larger-cap altcoins, including ETH, BNB, XRP, TRX, LINK, and LTC, some modest gains of up to 4% have been observed.
Ethereum, for instance, has surpassed the $2,000 level, and Binance Coin is trading above $250.
Significant price surges are seen in Solana (11%), Cardano (9%), Dogecoin (6%), Polkadot (8%), Toncoin (8%), and Uniswap (5.5%). Notably, Avalanche stands out with a substantial 27% daily surge, with AVAX trading well above $23.
The overall cryptocurrency market cap has experienced a rapid overnight increase, surpassing $60 billion and currently approaching $1.45 trillion on CoinMarketCap.
Cryptocurrency Market Overview. Source: Quantify Crypto
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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