Bitcoin Retests $30K as Ripple Spikes 6% Daily (Market Watch)

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After a few more days spent underneath the $30,000 line, bitcoin finally jumped above it and even challenged $31,000 earlier. Most altcoins are also slightly in the green today, with XRP standing out as the most impressive gainer from the larger-cap ones.

BTC Touched $30K

The cryptocurrency market has not been in a bullish state for months, but the situation worsened last week when BTC dumped by $15,000 at one point to its lowest position since December 2020 at $25,300.

The asset recovered some ground and briefly exceeded $31,000 days later. This was short-lived, though, as the bears returned to the scene and drove it south once more. Thus, bitcoin spent the majority of the next several days below $30,000, as reported.

It even dipped to $28,500 yesterday, following reports about massive BTC quantities being deposited to exchanges. Nevertheless, the bulls stepped up at this point and reversed bitcoin’s trajectory.

In a matter of hours, the asset spiked beyond $30,000 and neared $31,000. Despite failing there, bitcoin still trades above $30,000, and its market capitalization stands at $575 billion. Moreover, its dominance over the altcoins has increased to roughly 45%.

BTCUSD. Source: TradingView

XRP Leads the Way, ETH Taps $2K

Ethereum also suffered quite badly during the most recent correction and went from $3,000 to $1,700 in days. Similar to BTC, it bounced off at that point and reclaimed $2,000 days later.

However, it fell below that coveted mark on Wednesday and remained there for the most part. Now, though, a 4% daily increase has pushed the second-largest crypto to just above $2,000.

Binance Coin is also north of $300 after a minor daily jump. Similar increases are evident from Cardano, Solana, Polkadot, Dogecoin, Avalanche, Tron, Shiba Inu, and Litecoin.

Ripple has gained the most from the larger-cap alts with a 5.5% increase, which has pushed XRP to above $0.4. ATOM, ICP, UNI, and TFUEL are among the most notable gainers from the lower-cap altcoins.

The crypto market capitalization has neared $1.3 trillion following a $50 billion daily increase.

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

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Cryptocurrency charts by TradingView.


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