16 Mar Bitcoin Surpasses $40K Following Massive Volatility, Markets Add $80B Overnight (Market Watch)
Bitcoin reminded of its enhanced price fluctuations with a roller-coaster movement but has since reclaimed $40,000. Most altcoins are well in the green on a daily scale, with Ethereum charging towards $2,700.
Bitcoin Stands Above $40K
Aside from a few brief movements up and down, the past several days were quite calm for bitcoin as it stood around $39,000 for most of the time. However, it all changed in the past 24 hours.
The asset traded close to the aforementioned level before it suddenly skyrocketed by nearly $3,000 to almost $42,000. Yet, it dumped just as quickly and returned to $39,000, resulting in over $200 million worth of liquidations for over-leveraged traders.
Nevertheless, the bulls regained control over the market and pushed BTC north again. This time, the leg up was more gradual, but bitcoin still reclaimed $40,000. As of now, the cryptocurrency stands at around $40,500. Consequently, its market capitalization has gone well above $750 billion.
BTCUSD. Source: TradingView
Altcoins See Green
The alternative coins also struggled in the past few days with little-to-no decisive movements. Now, though, green dominates the landscape.
Ethereum is among the leaders, with a daily increase of 6%. As a result, the second-largest cryptocurrency has neared $2,700 after dropping to and below $2,500 earlier this week.
Solana, Polkadot, and Avalanche have displayed similar increases and trade at $83, $18, and $80, respectively.
Binance Coin, Ripple, Cardano, Dogecoin, and Shiba Inu have seen more modest gains but are still in the green. From the lower- and mid-cap altcoins, Fantom and EGLD are among the best performers with double-digit jumps.
The crypto market cap is up by around $80 billion in a day and is close to $1.8 trillion after slipping beneath $1.7 trillion.
Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]