Bitcoin continues with its attempts to recover some of the recently-lost ground and has increased to just over $21,000. However, it has been outperformed by most of the altcoins. Some, such as DOT, AVAX, SOL, and MATIC, have marked massive double-digit gains.
Altcoin on the rise
Following the massacre that happened last week, and especially during the weekend, the alternative parts began their recovery sessions.
Ethereum was among the most substantial losers. At one point, ETH had lost over 50% of its value in about a week and dumped all the way down to $900. Yesterday, though, brought some relief to the second-largest crypto, which reclaimed $1,000. Another daily increase has now pushed it above $1,100.
BNB fell below $200, but is currently above $220 after jumping 5.5% now. ADA saw a similar increase and is trading at $0.5. XRP, DOGE, LEO and SHIB are also in the green.
The most impressive gainers from the larger-cap altcoins are Solana, Polkadot, Avalanche, Chainlink, and Polygon. All of them are up by double digits on a daily scale.
The overall crypto market cap added another $40 billion in a day and is well over $900 billion now.
Altcoin/Industry News
The organization behind Cardano said it had decided to postpone the anticipated Vasil upgrade to have time to prepare better.
DeFi protocol – Bancor – has joined the list of other industry names shutting down services. The project halted its impermanent loss protection feature, citing market concerns.
Authorities from South Korea banned some of Terra’s employees from leaving the country.
Bitcoin sees a minor spike
Bitcoin also fell over the past week and even dipped below $20,000 over the weekend for the first time in over a year. Additionally, the major cryptocurrency continued to dive and hit a low of $17,500 on Sunday – a new 18-month low.
However, the bulls stepped up at this point and reversed BTC’s trajectory. Instead of heading further south, the asset started reclaiming some ground and spiked above $20,000 yesterday, as reported.
The past 24 hours has also played out positively for the cryptocurrency, aside from a brief retracement below $20,000. Currently, bitcoin is above $21,000 and its market capitalization has reclaimed the $400 billion mark. The dominance over altcoins stands at 44.5%.
