After dipping to $40,000 yesterday, bitcoin went on the offensive and tapped $42,000 to mark a near 10-day high. The altcoins have also turned green today, with Ethereum eyeing $3,000 and Avalanche soaring by over 9%.
Bitcoin sees a 9-day high
The major cryptocurrency saw heightened volatility last week when it suddenly surged $3,000 within minutes from $39,000 to nearly $42,000. However, the situation reversed soon after and the asset returned just as quickly to its starting level.
It reclaimed $40,000 a day later, but then the US Federal Reserve confirmed its plans to raise the interest rates by 25 basis points. Consequently, bitcoin slid once again and dropped by around $1,000.
Still, this price retracement was short-lived and the cryptocurrency went back on the offensive. It remained around and above $40,000 for the following days.
Hours ago, though, bitcoin initiated another leg up by briefly exceeding $42,000 for the first time since March 10. As of now, the asset stands just under that level, and its market capitalization is close to $800 billion.
Alts in Green Led by AVAX
Alternative coins have also been relatively quiet for the past few days, but green is now dominating the market. Ethereum is among the best performing of the larger cap alts.
The second-largest crypto is up by 5% and stands well above $2,900. Roughly a week ago, ETH had dipped below $2,500.
Binance Coin, Ripple, Terra, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu are also well in the green with increases of between 2% and 5%.
Avalanche is the most significant gainer from the larger-caps with a 9.5% surge. As a result, AVAX stands above $85.
Other daily increases come from SNX (22%), Zcash (13%), Waves (12.5%), THORChain (11%), Fantom (10%) and others.
Ultimately, the crypto market cap has added around $80 billion in a day and is close to $1.9 trillion.
