The value of the cryptocurrency market has increased by $300 billion since yesterday.
The value of the cryptocurrency market has increased by $300 billion since yesterday’s low as BTC targeted $50,000 and ETH rose 7.5% daily.
After yesterday’s big crash, the leading cryptocurrency Bitcoin (BTC) has jumped and surged by nearly $8,000. On the other hand, Ethereum, the second largest cryptocurrency, reclaimed $4,200, while Terra rose to an all-time high again.
Bitcoin Challenges $50,000
The cryptocurrency market is known for its highly volatile price movements, and the past day was a prime example of this. The best example of this was the leading cryptocurrency Bitcoin, after testing $59,000 several times during the week, and the price suddenly dropped to $ 42,000.
After this sharp drop in Bitcoin, many industry experts and analysts began to speculate about the possible reasons for this $ 16,000 drop.
However, after seeing the bottom of $42,000, Bitcoin encountered a buying reaction and responded positively to this reaction. The flagship cryptocurrency initially jumped as high as $47,000, and hours later another spike took it as high as $49,700.
Bitcoin has been trading above $49,000 for a while. However, it has not yet surpassed the $50,000 level. However, BTC is up over 5% on the day and its market cap has soared well above $900 billion.
Altcoins Turned Green Again
Altcoins suffered even more than Bitcoin yesterday. Ethereum slumped from around $4,700 to $3,500. Now, the second-largest cryptocurrency is trading around $4,200 after a 7.5% daily gain.
Binance Coin also fell hard, but a similar spike took it above $570. Some daily gains are also seen in Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%).
On the other hand, Ripple (12%), Dogecoin (8.5%) and Terra (30%) are experiencing even more impressive gains. As a result, LUNA previously set a new all-time record for just under $80.
Terra Increased 30%
Other cryptocurrencies with the highest increase in the last 24 hours are as follows;
More daily increases from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%), THORChain is seen. (15%), The Sandbox (12%), Helium (12%).