After Dipping to $38K BTC Spiked to $41K, LUNA Up 17%


After yesterday’s price dump to below $39,000, the bitcoin bulls returned to the scene and sent BTC several thousand dollars north. The altcoin space is also well in the green today, with impressive double-digit increases from NEAR Protocol and Terra.

Bitcoin Touched $41K

Bitcoin dipped below $40,000 for the first time in a month last week, but it quickly recovered the drop and went to $41,000. However, it failed to continue upwards and remained stuck around $40,000 for a while, including the weekend.

The situation changed on Monday when BTC slumped beneath $40,000 once more, but this time, it kept losing value. This culminated in a decrease to around $38,500, which became the asset’s lowest price point since mid-March.

However, this is where the bulls stepped up and intercepted the move. Instead of going further south, they pushed the primary cryptocurrency upwards, and it spiked by nearly $3,000 to an intraday high of just over $41,000.

Despite retracing with a few hundred dollars since then and currently sitting just under that level, BTC is still up by almost 5% on the day. As such, its market capitalization has neared $800 billion once again.

BTCUSD. Source: TradingView

NEAR and Terra Lead the Alts’ Recovery

The alternative coins suffered just as badly as bitcoin yesterday, but the landscape today is entirely different.

The second-largest crypto dumped below $3,000 for the second time in about a week, but a 5% increase since then has helped ETH reclaim that round-numbered milestone.

Binance Coin spiked by 6% in a day, perhaps amid news about another BNB burn, and now sits above $420. Ripple, Solana, Cardano, Avalanche, Polkadot, Dogecoin, and Shiba Inu are also well in the green.

Nevertheless, Terra and NEAR Protocol have stolen the show from the larger-cap alts. LUNA has soared by 17% and currently sits at $90. NEAR is up by 14% and trades at $17.

Even more impressive gains come from STEPN (42%), THORChain (16%), ApeCoin (14%), Zcash (13%), Loopring (12%), ICON (12%), KNC (10%), and others.

The crypto market cap has added around $100 billion in a day and now sits close to $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Credit: Source link

Leave A Reply

Your email address will not be published.