Key Takeaways:
- Bitcoin begins resurgence, spikes above $40,000.
- Altcoins also see massive green over the past 24 hours.
- Crypto maket cap nearing $2trillion again.
Bitcoin (BTC) has begun a massive resurge over the weekend as its price geared above the coveted $40,000 level.
The resurgence saw the entire crypto market add $170 billion in just 24 hours. Bitcoin spiked above $40,000 after trading below $40,000 over the past two weeks. The entire crypto market followed Bitcoin with its massive daily price increases from Ethereum, Binance Coin, Cardano, Sollana, Polkadot, and many others.
Bitcoin quick gain over th past 24 hours
The number one cryptocurrency towards the end of January slumped below $40,000 for the first time in months. In the following few weeks, the asset failed to recover most of the losses and even dumped to its lowest price point since late July beneath $33,000.
BTC started to add value after and challenged $39,000 several in Febuary. It was rejected at first, and the bears pushed it below $37,000 almost immediately. On Friday BTC was still between $37,000 and $38,000 and went on a tear and exploded above $40,000 for the first time in over two weeks.
It continued to surge and now sits at $41,500, an over $4,000 increase in its yesterday price.BTC’s market capitalization, which had dumped beneath $700 billion just days ago, is now close to $800 billion.
Altcoins see massive gains
An undocumented crypto law states that when Bitcoin rises other coins follow. This happened over the past 24 hours. Ethereum struggled to remain above $2,000 just days ago. Now, though, the second-largest cryptocurrency trades above $3,000 after another 7% daily increase.
Binance Coin, Polkadot, Terra, Avalanche, MATIC, and Shiba Inu have also surged by double digits since yesterday. A bit more modest gains come from Cardano, Solana, Ripple, Dogecoin, and CRO.
As expected, the lower- and mid-cap alts have displayed even more significant fluctuations. Gala leads the way with a 30% surge, followed by LEO (25%), JUNO (20%), The Sandbox (18%), NEAR Protocol (16%), Mina Protocol (16%), THETA Network (15%), Loopring (14%), THORChain (14%), and many others.
Ultimately, the entire crypto market cap has increased by about $170 billion since yesterday’s low to above $1.9 trillion.
