Another highly volatile trading day for bitcoin as the asset briefly dipped to $55,000 and a few hours later came about 2% away from the ATH at $58,400. Most larger-cap altcoins also went through the turbulence but have calmed on a 24-hour scale, with Ethereum failing to reconquer $1,800.
Update: shortly after we released this market recap, Bitcoin broke its ATH from February 21, surpassing $58,500.
Bitcoin’s 24H Ups and Downs
As reported yesterday, bitcoin was on a roll as it came just 0.43% from breaking above its record price line of $58,400. While it seemed that the cryptocurrency would just spike towards a new ATH, reports emerged that the world’s leading crypto exchange, Binance, will be investigated by the US Commodity Futures Trading Commission.
Almost immediately, the market dipped in value. Bitcoin led the pack with a $1,500 price drop in a matter of minutes. However, as Binance’s CEO, Changpeng Zhao, called the report just “FUD,” the bulls regained control and drove the asset north again.
This time, BTC went as high as $57,750 (on Bitstamp) – or about $650 away from the ATH record. Despite retracing slightly after the unsuccessful attempt to breach it, the cryptocurrency is still above $57,000.
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Looking at a more macro scale, yesterday marked one year since the COVID-19-induced market crash when BTC plummeted by 50% in a day to below $4,000. The situation has changed entirely since then, and the asset is about 15x higher in price now than when it was on March 12th, 2020.
Larger-cap Altcoins Stall, ETH Still Below $1,800
Most alternative coins experienced similar price turbulence yesterday with sharp price drops and immediate recoveries. Thus, on a 24-hour scale, the situation seems somewhat stagnant.
By failing to portray any significant price movements in either directions, Ethereum is still below $1,800, Polkadot is just north of $36, and Bitcoin Cash is shy of $550.
Minor losses are evident for Ripple (-2%), Cardano (-3%), Chainlink (-3%), and Binance Coin (-3%).
In contrast, UNI has added 4% of value to above $32, while Litecoin has conquered $220 after a 6% increase.
For a second consecutive day, Chiliz is the best performer from the top 100. CHZ has exploded by 85% since yesterday and a whopping 700% in the past week to $0.86.
Ankr (50%), Harmony (25%), Decentraland (25%), Reef (22%), Flow (19%), and SushiSwap (16%) follow. These gains have helped the market cap to stay well above $1.7 trillion.