Bitcoin Price Surges to $42K
The past week has been a wild ride for Bitcoin, with its price dropping and causing a ripple effect throughout the market. However, the cryptocurrency is now making a recovery, and this upward trend is also benefiting altcoins, many of which have seen significant increases in the last 24 hours.
As of now, Bitcoin is trading at around $41.5K, representing a 3.4% increase in the past day. This surge came after a sudden upward movement yesterday, during which BTC gained over $1,000 in just a few hours. The positive momentum pushed the price up to $42K, but it was met with resistance from bears who prevented further growth.
This price movement caused turmoil in the derivatives market and led to over $110 million in liquidations, primarily affecting short positions.
Market participants are closely monitoring Grayscale outflows to see if investors will start selling off their long-held BTC now that the spot ETF has been approved.
Altcoins Follow Suit
While Bitcoin’s price was surging, most of the major altcoins also experienced gains.
Except for Toncoin (TON), all other major altcoins are currently trading in the green, as shown in the heatmap above. Solana and Avalanche had particularly strong recoveries, but Ethereum, Binance Coin, and Ripple also saw positive movements.
In the past 24 hours, Manta Network (MANTA) and SATS (Ordinals) have been the best-performing coins with gains of 21% and 18.4%, respectively. However, Chiliz (CHZ) and Klaytn (KLAY) both saw declines of approximately 4%.
Hot Take: Bitcoin’s Bounce Back and Altcoin Momentum
The recent recovery in Bitcoin’s price has injected optimism into the market, leading to gains for both the primary cryptocurrency and altcoins. With Bitcoin surging to $42K, it seems that the bears have temporarily been pushed back.
Altcoins have also benefited from this upward momentum, with many major coins trading in the green. Solana, Avalanche, Ethereum, Binance Coin, and Ripple are all showing positive movements.
However, it remains to be seen whether this recovery will be sustained and if investors will take advantage of the spot ETF approval to sell off their long-held BTC. The coming days will provide more clarity on the market’s direction.
By
By
By
By
By