New Year’s Green Market as Bitcoin Surges Past $48K (Market Watch)

After a few consecutive days of price slumps, bitcoin finally initiated an impressive leg up hours ago and exceeded $48,000. Most altcoins are also green ahead of 2021’s end, with Ethereum reclaiming $3,800 and the crypto market cap gaining $70 billion in a day.

Bitcoin Surges Above $48K in Minutes

The past several days didn’t go all that well for the primary cryptocurrency. The asset had skyrocketed to $52,000 on December 27th after finally breaking above its $50,000 nemesis.

While the community rejoiced and anticipated further price increases, BTC reversed its trajectory as the bears came to play. A day later, bitcoin found itself trading $3,000 lower, and it plummeted to $46,000 yesterday, as CryptoPotato reported.

The cryptocurrency bounced off rather quickly and traded around $47,000 when a sudden price pump in the past few hours drove it north by $1,500. As a result, BTC jumped above $48,000 and now sits around $48,500. Moreover, its market capitalization has increased to over $900 billion.

BTCUSD. Source: TradingView

New Year’s Alts Recovery Session

Similar to bitcoin, most altcoins suffered in the past few days. Ethereum went from over $4,100 to a low beneath $3,700. Now, though, a 3% daily increase has driven the second-largest cryptocurrency to just over $3,800.

The rest of the larger-cap alts are also in the green. These include Binance Coin (2%), Solana (2.5%), Cardano (3.5%), Ripple (3%), Terra (5%), Polkadot (3%), Avalanche (4.5%), Dogecoin (1.5%), and Shiba Inu (2.5%).

More gains come from Gnosis (16%), Celsius (15%), Cosmos (13%), Aave (12%), SushiSwap (12%), Curve DAO Token (12%), Arweave (10%), and others.

Ultimately, the cryptocurrency market capitalization has increased by more than $70 billion since yesterday’s low to nearly $2.3 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Read More?

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]

No Comments

Sorry, the comment form is closed at this time.