After dipping below $37,000 yesterday, bitcoin went on the offensive and added more than $2,000 in hours to tap a new 10-day high. The alternative coins are also well in the green, with notable gains registered from Ethereum, Solana, Terra, and others.

Bitcoin Taps $39K

The past several days have been highly volatile for the primary cryptocurrency. Just on Thursday, it dipped to $35,500 on two separate occasions before it started to regain some value and touched $38,000 during the weekend.

It even spiked to $38,600 as reported on Sunday, but the bears stepped in and didn’t allow any further gains. Just the opposite, they pushed the asset south, and BTC dumped below $38,000 hours later.

The situation worsened yesterday as bitcoin dropped by another $1,000. However, this is where the bulls came to play. In the following hours, BTC started to regain value rapidly and exceeded $38,000.

Moreover, it initiated another leg up that resulted in briefly touching $39,000, which became the highest price tag in about ten days. As of now, bitcoin has retraced slightly, but its market capitalization has shot up to well above $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Green

The alternative coins bled out yesterday, but most are well in the green now. Ethereum leads the way with a massive 10% increase that has driven the second-largest crypto to just shy of $2,800.

Binance Coin, Cardano, and Dogecoin have recorded more modest price gains of around 4% each. More increases come from Ripple, Avalanche, Shiba Inu, MATIIC, Polkadot, CRO, and others.

The most significant gainers from the larger-cap altcoins are Solana and Terra. Both have jumped by around 17% on a daily scale. As a result, SOL has reclaimed the coveted $100 mark, while LUNA sits above $50.

More daily increases come from LooksRare (19%), Osmosis (15%), Mina Protocol (14%), Cosmos (14%), Aave (13%), Gala (12%), Curve DAO Token (11%), and others.

The crypto market cap is up by around $100 billion in a day and sits close to $1.8 trillion.

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

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