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.