Bitcoin’s correction has for now halted at the crucial level of $42,000, which was the all-time high of January 2021. Most altcoins have also rallied or displayed modest gains, except for Ripple, which went on a tear with an impressive 8% gain.
Bitcoin $42K . bounces off
This was just a few days ago, hours after the largest cryptocurrency became highly volatile, several hours after it became clear that the US had set a new 40-year record in terms of inflation rates.
BTC dropped from $2,000 to $43,200 before turning aggressive and rising from $3,000 to new monthly highs near $46,000.
However, the bears blocked the move and quickly pushed bitcoin south. This time, the $43,000 line did not hold, and the asset fell below it. As reported yesterday, the situation turned worse, with BTC hitting weekly lows below $42,000.
However, so far, bitcoin has bounced back above the level, which is also the 50-day moving average. As such, its market capitalization has reclaimed the $800 billion mark.
XPR steals the show
Altcoins have gone through a similar roller-coaster over the past few days, but most are now calm on a daily basis. Ethereum moved above $3,200 for the second day, but fell below $3,000 on Saturday and remains there.
Cardano is also slightly red since yesterday, while Binance Coin, Solana, Polkadot, Avalanche and Dogecoin posted modest gains.
Terra and Shiba Inu are up around 3%-4%, while Ripple has taken the lead with a gain of around 8%. As a result, XRP is now above $0.8.
The crypto market capitalization has also been calm and is still around $1.9 billion.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.
Disclaimer: The information found on Cryptopotato is that of the cited authors. It does not represent the opinion of Cryptopotato whether to buy, sell or hold any investment. You are advised to do your own research before taking any investment decision. Use the information provided at your own risk. See disclaimer for more details.
Cryptocurrency charts by TradingView.