Bitcoin reminded of its enhanced volatility in the past day or so after a massive price slump to just over $34,000 and just as fast recovery to above $38,000. Most altcoins are also well in the green on a daily scale after the substantial retracements yesterday.
Bitcoin’s wild ride
Not boring days in the crypto narrative have received further validation over the past few days. Bitcoin, for its part, challenged $39,000 on Tuesday and early Wednesday before starting to gradually lose value.
The decline, though, intensified as Russia launched a “special military operation” against Ukraine, which many view as a full-scale invasion. As reported yesterday, this led to an immediate price reaction from BTC, and the cryptocurrency plummeted by several thousand dollars to a daily bottom of just over $34,000.
This became the asset’s lowest price position since late January and sent liquidations skyrocketing to nearly $500 million.
Since then, though, and after US President Joe Biden reassured that the country will not take part in the conflict directly, the primary digital asset went on the offensive.
Within hours, BTC exploded over $5,000 and even approached $40,000 before recovering to its current level of around $38,000. Currently, bitcoin is up around 6.5% on the day and its market capitalization has recovered $700 billion.
LUNA Leads Altcoins’ Recovery
As it typically happens, the alternative coins experienced even more severe price drops yesterday, but most are well in the green today.
Ethereum has fallen as low as $2,200, but is back to around $2,600 at the time of this writing.
Binance Coin (6%), Ripple (6.5%), Solana (6%), Cardano (7%), Avalanche (7%), Polkadot (10%), Dogecoin (6.5%), and Shiba Inu (6%) are also well in the green now.
Terra stole the show in the larger cap altcoin space with a massive 22% increase. Therefore, LUNA is now trading at $65.
The crypto market cap is up by about $140 billion since yesterday’s low and is close to $1.7 trillion.
