After the recent price volatility, bitcoin has rallied and is still holding above the coveted $40,000 mark. The altcoin remains unusually stable today, with Ethereum maintaining $3,000 and Binance Coin sitting above $400.
Bitcoin Stable Above $40K
The price of bitcoin has gone through some increased volatility over the past week as it all started with the asset’s inability to decisively cross $47,000. The bears took advantage of this and started pushing it south, with BTC dropping to $45,000 and $43,000 in a matter of days.
The situation worsened when the cryptocurrency fell below the January 2021 ATH of $42,000. The nosedives continued, and shortly thereafter, bitcoin fell to monthly lows below $40,000.
After a second drop from that level, it bounced back and rose to around $42,000 a few days ago. However, the generally bearish sentiment in the market continued and pushed BTC down again. As of now, the assets are just over $40,000, and it has a market capitalization of $770 billion.
altcoin remains calm
Alternative coins recorded similar volatility over the past several days but calmed down on the daily scale.
Just last week, Ethereum dropped below $3,000 for the first time in almost 20 days, but the second largest crypto responded well and is currently above that line.
Binance Coin also fell below a round-number milestone – $400 – but now trades at $415.
On a daily scale, Ripple, Solana, Terra, Avalanche, Dogecoin and Shiba Inu are slightly red, while Cardano and Polkadot are up marginally.
Even as lower and mid-cap altcoins remain calm today, Ethereum Classic is one of the most influential gainers (3.5%). Somewhat as expected, the crypto market cap remains flat and sits below $1.9 trillion.