After dropping to $40,000 yesterday, bitcoin went on the offensive and touched $42,000 to mark a nearly 10-day high. Altcoins also turned green today, with Ethereum targeting $3,000 and Avalanche soaring over 9%.
Bitcoin sees a 9-day high
The major cryptocurrency saw heightened volatility last week when it suddenly surged $3,000 within minutes from $39,000 to nearly $42,000. However, the situation reversed soon after and the asset just as quickly returned to its starting level.
It recovered $40,000 a day later, but the US Federal Reserve then confirmed its intention to raise interest rates by 25 basis points. Consequently, bitcoin slid again and fell around $1,000.
Still, this price retracement was short-lived and the cryptocurrency went back on the offensive. It remained around and above $40,000 for the following days.
A few hours ago, however, bitcoin kicked off another leg by briefly surpassing $42,000 for the first time since March 10. Currently, the asset sits just below that level and its market capitalization is close to $800 billion.
Alts in Green Led by AVAX
Alternative coins have also been relatively quiet for the past few days, but green is now dominating the market. Ethereum is among the best performing of the larger cap alts.
The second largest crypto is up 5% and sits well above $2,900. About a week ago, ETH fell below $2,500.
Binance Coin, Ripple, Terra, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu are also well in the green with increases of between 2% and 5%.
Avalanche is the largest large cap gainer with a 9.5% rise. As a result, AVAX sits above $85.
Other daily increases come from SNX (22%), Zcash (13%), Waves (12.5%), THORChain (11%), Fantom (10%) and others.
Ultimately, the crypto market cap added around $80 billion in one day and is close to $1.9 trillion.
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