Following the past few days of marking gains, bitcoin has calmed a bit around the $48,000 mark. However, some alternative coins continued to climb, with Solana increasing by 8% and Terra reaching a new all-time high after a daily increase of 20%.
LUNA Marks New ATH: Sol 8% Up
The alternative coins have been on a roll in the past few days after the mid-week price drops. Ethereum had plunged to $ 2,900 after the last Chinese Fud. However, ETH has reclaimed more than $500 since then and currently stands at a multi-week high of over $3,400.
Cardano also fell hard and was on the verge of breaking the $ 2 mark. Now, though, ADA stands at nearly $2.3. Binance Coin has reclaimed $430 after another 4% daily increase. Minor gains are evident from Ripple, Polkadot, Dogecoin, and Uniswap.
Solana has resumed its bull run as of late with an 8% surge to above $170. Nonetheless, Terra is the biggest winner of the larger cap alts with a massive 20% jump. Consequently, LUNA marked a new all-time high just a few hours ago at over $45.
Other gains come from the OMG network (36%), Arweave (20%), Qtum (16%), ICON (16%), Tezos (15%), Hedera Hashgraph (11%), Serum (11%) and IOTA (ten%).
The cryptocurrency market cap has neared $2.150 trillion. As such, the metric has risen by more than $ 300 billion since the low on Friday.
Bitcoin Calms at $48K
The primary cryptocurrency actually led the recovery session since Thursday. Its price had fallen below $ 41,000 for the third time in just a week when the situation changed following promising news from the United States.
Once Fed Chair Jerome Powell said the world’s largest country by nominal GDP has no intentions to follow China’s path and ban digital assets, bitcoin started to climb rapidly.
He recovered $ 43,000 the same day and continued to chart new weekly highs above $ 45,000 and $ 47,000. It pushed above $48,000 yesterday as well, where it was initially rejected and dipped back to $47,000.
Now, however, it has bounced back and is currently around $ 48,000, and its market cap is just over $ 900 billion.
