Bitcoin has been relatively calm in the past 24 hours but has remained just over the $21,000 mark. More actions come from some of the altcoins, such as ETH, which has jumped to a 10-day high. Shiba Inu, on the other hand, is the most substantial daily gainer.
ETH, SHIB, SOL on a Roll
The alternative coins have been recovering some of their recently lost value more impressively than BTC in the past several days.
Ethereum is a prime example as it currently trades above $1,200 (at a 10-day high) following an 8% increase in a day. Just a week ago, ETH had plunged to $900.
BNB has tapped $240 after a daily jump of 4%. Similar gains are evident from Cardano, Polkadot, Dogecoin, TRON, and MATIC.
Solana and Avalanche have soared by about 10% once again. As a result, SOL is well above $40, while AVAX has reclaimed $20.
Shiba Inu is the most impressive performer from the larger-cap alts with a massive 15% surge. Consequently, SHIB has increased to $0.000012.
The overall crypto market cap has risen to just over $950 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Crypto/Industry News
Cardano’s Charles Hoskinson testified in front of Congress on regulations regarding the cryptocurrency industry.
Three months after the devastating hack, Axie’s Ronin Network announced when it will restart .
Two hip-hop giants – Eminem and Snoop Dogg – released a new music video that included their personal Bored Apes.
Coinbase announced plans to launch its first crypto derivatives products starting on Monday.
Bitcoin Calm at $21K
The primary cryptocurrency also plummeted hard last week, dumping to an 18-month low of $17,500 on Sunday. As a result, it had lost almost 50% of its value in about a week.
However, the bulls intercepted these adverse moves and started pushing the asset north. During the week, BTC peaked at $21,500 but failed there and retraced following the Fed Chair’s latest announcement about raising the interest rates.
Nevertheless, bitcoin resumed its offensive trajectory and reclaimed $21,000 yesterday. As of now, it has added a few hundred dollars more and stands close to $21,500 once again. As such, its market cap is above $400 billion, but the dominance over the alts is down to 42.5%.
BTCUSD . Source: TradingView