The entire capitalization of the cryptocurrency market increased by $130 billion in a single day as the original cryptocurrency bitcoin skyrocketed to $58,000. Following a few consecutive days of price slides, bitcoin finally bounced off by adding $4,000 of value. Most alternative coins are well in the green as well, with impressive daily increases from Ethereum, Solana, Polkadot, Terra, The Sandbox, and more.
Bitcoin’s price touched $58,000.
Ever since last Friday, when news broke about a new variant of the COVID-19 virus, the leading cryptocurrency’s price has been going down. It went from a daily high of over $59,000 to a low of $53,500 in a matter of hours, resulting in nearly $1 billion in liquidations on a daily scale for leveraged traders. The weekend saw a brief recovery attempt, in which BTC exceeded $55,000, but it was short-lived as the bears intercepted the move. As a result, they pushed bitcoin south again, and the asset found itself around $53,500 once more just hours ago.
The altcoins also went down with bitcoin.
The altcoins also went down hard as bitcoin was dumping. Ethereum dipped below $4,000, and even though it tried to surpass $4,100 during the weekend, it stayed below it for the most time. Now, though, a 7% daily increase has driven the second-largest cryptocurrency well above $4,300. Binance Coin has reclaimed $610 after a 5% daily surge. Solana (8.5%), Cardano (6%), Ripple (6%), Polkadot (8.5%), Dogecoin (3.5%), Avalanche (4.5%), Shiba Inu (4.5%), and Terra (6.5%) are all well in the green as well. The cryptocurrency market cap is up by more than $130 billion in a day and has exceeded $2.7 trillion on CoinGecko.