Bitcoin Reverses Decline and Hits $43K
After a few days of consecutive declines, Bitcoin has finally reversed its price trajectory and has tapped $43,000. Most altcoins are also well in the green today, with SOL reclaiming $100, ADA and AVAX shooting up by 4-5%, and LINK exploding by 16%.
BTC Bounces Back After Local Bottom
The primary cryptocurrency went on the offensive after the local bottom charted last Thursday when it dumped to $38,500. It quickly returned to $40,000 and kept climbing over the weekend to $42,000. After a brief hiatus, the asset started gaining traction once again at the start of the current business week. This culminated with a price surge to $43,750 on a few occasions, including such an attempt registered on Wednesday.
However, that was short-lived and BTC quickly retraced by nearly two grand. This came amid the latest US Fed announcement regarding its monetary policy. Nevertheless, BTC didn’t stay down for long and pumped above $43,000 hours ago. As of now, the cryptocurrency trades around that level with a 2% daily increase. Its market capitalization has climbed above $840 billion, while its dominance over the alts stands at 51.1% on CMC.
LINK Surges by 16%
Most altcoins slid yesterday but have turned green today. Ethereum and Binance Coin have gone above $2,300 and $300, respectively, after similar 2% increases. Solana has returned to $100 following a notable 5.5% daily jump. AVAX and ADA have gained similar percentages, followed by Tron, Polkadot, Polygon, and others.
Chainlink has stolen the show with a massive 16% surge. Consequently, LINK now trades at around $18. More impressive gains come from the likes of ICP and IMX. The cumulative market capitalization of all crypto assets has gained $30 billion overnight and is back to $1.650 trillion on CMC.
Hot Take: Bitcoin Reverses Decline and Altcoins Surge
Bitcoin has managed to reverse its recent decline and climb back to $43,000. This upward movement has also had a positive effect on altcoins, with many experiencing gains today. Ethereum, Binance Coin, Solana, AVAX, ADA, and other cryptocurrencies have all seen increases in their prices.
However, it is Chainlink that has stolen the show with an impressive 16% surge. As a result, the overall market capitalization of all cryptocurrencies has increased by $30 billion to reach $1.650 trillion.
By
By
