Bitcoin Holds Above $40,000, Ethereum Picks Up Something, And These Altcoins Are Catching Up
The trend reversal in the cryptocurrency market continues for the time being and almost all prices are turning green again today. Total market capitalization is up 4% from $1.68 trillion to $1.75 trillion, but trading volumes remain relatively low.
Bitcoin (BTC) peaked at around $42,200 late yesterday afternoon, but was beaten hard there and the price fell back to $39,500 in one fell swoop. There was a big bounce and bitcoin shot up again to $40,900, but there was still too much resistance. Stellar price is high.
Bitcoin has fluctuated between $40,250 and $40,650 in recent hours, but with low volume, the question is how quickly the price can climb out of this range. Nevertheless, bitcoin is now 20% in the green compared to a week ago, but still 38% below the all-time high (ATH) from mid-April. Bitcoin’s dominance is waning slightly today, now that some altcoins are catching up.
Ethereum (ETH) initially lagged somewhat compared to the recovery of bitcoin, but has also been in an upward trend since Sunday and is gradually gaining momentum. Ether price has risen nearly 7% in the past 24 hours from $2,480 to $2,650.
In the top 10 largest crypto we see Polkadot (DOT) rising much faster than the rest, more about that later on Crypto Insiders. Today there are hardly any crypto prices that turn red, except for the LEO Token. This exchange token from Bitfinex plunged nearly 15% from $2.80 to $2.39 last night. The crypto prices are high.
The fastest climbers out of the top 100 in the past 24 hours include the decentralized finance (DeFi) tokens, which took quite a beating last week. Sushi (SUSHI) is up 10%, Chainlink (LINK) 12% and Synthetix (SNX) 16%. Polygon (MATIC) is also up 15% again, which may be because this layer-2 scaling solution for Ethereum is being supported by more and more DeFi products.
The biggest gainers today are Klaytn (KLAY) which is up 19% and the biggest is again Amp (AMP) which even increases by 20%. Amp is now more than 90% in the plus compared to a week ago.