Bitcoin Rebounds, Altcoins Follow Suit
Bitcoin, which had dipped to the $26,600 mark on Bitcoin pizza day, has now reversed its trajectory with a jump of almost $1,000. Additionally, altcoins such as ETH, MATIC, SHIB, TRX, and AVAX are showing daily gains of around 3%.
BTC Reclaims $27K
In the past week, the primary cryptocurrency was stuck in a relatively tight range, which Glassnode acknowledged. The analytics resource revealed that BTC’s 7-day price range had fallen to 3.4%, an occurrence that happened only a few times in the past three years. Each time, it was followed by a massive price move in either direction. Glassnode warned that there might be a lot more volatility coming soon.
Yesterday, on Bitcoin pizza day, BTC dropped to the lower side of the range at $26,600. The bulls intervened at this point and drove it to a multi-day high of almost $27,400. BTC currently trades above $27,000, and its market cap has neared $530 billion, with its dominance over the alts standing at 46.4%.
ETH Defends $1.8K
Similar to bitcoin, ETH hadn’t shown much movement recently and was gradually losing ground. It was on the verge of breaking below $1,800, but a 2.5% increase in the past 24 hours has prevented that development, and the second-largest digital asset trades at $1,850.
The larger-cap alts have shown similar price jumps, such as Polygon, Shiba Inu, Tron, and Avalanche. BNB, ADA, DOGE, SOL, LTC, and DOT are also in the green, albeit more modestly.
The most notable daily price increases come from Conflux (16%), KAVA (14%), and Render Token (11%). Overall, the total cryptocurrency market cap has regained approximately $20 billion in a day and stands at $1.140 trillion.
Sources: TradingView, Quantify Crypto.