Bitcoin has continued with its efforts to recover some of the recently lost ground and has risen to over $21,000. However, it has outperformed most altcoins. Some, such as DOT, Avax, SoL and Matic, have posted massive double-digit gains.
Altcoins on the Rise
After the massacre that took place over the past week and especially during the weekend, alternative coins have started their recovery sessions.
Ethereum was among the most significant losers. At one point, ETH had lost over 50% of its value in about a week and fell all the way to $900. Yesterday, however, there was some respite for the second largest crypto, which reclaimed $1,000. Another daily increase has now pushed it above $1,100.
BNB fell below $200, but it is currently holding above $220 after a 5.5% jump. ADA has seen a similar increase and trades at $0.5. XRP, DOGE, LEO and SHIB are also in the green.
Solana, Polkadot, Avalanche, Chainlink and Polygon are the most impressive gainers from large-cap altcoins. All of them are above double digits on the daily scale.
The total crypto market cap has added another $40 billion in a single day and is now above $900 billion.
The organization behind Cardano said that it has decided to postpone the anticipated Vasil upgrade to allow time for better preparation.
DeFi protocol – Bancor – joins a list of other industry names that are halting services. The project halted its temporary loss protection facility citing market issues.
South Korean officials banned some Terra employees from leaving the country.
bitcoin sees a minor peak
Bitcoin has also fallen heavily over the past week and for the first time in over a year has fallen below $20,000 during the weekend. Furthermore, the primary cryptocurrency took a dive and hit a new 18-month low on Sunday at $17,500.
However, at this point the bulls stepped up and reversed the trajectory of BTC. As reported, instead of heading further south, the asset started to reclaim some ground and surged above $20,000 yesterday.
The past 24 hours have also been positive for the cryptocurrency, apart from a brief retracement below $20,000. So far, bitcoin is above $21,000, and its market cap has reclaimed the $400 billion mark. Altcoin dominance is 44.5%.
Notable bitcoin news
Although bitcoin has recovered over $4,000 in a matter of days, Arthur Hayes believes the asset is not out of the woods yet and may be dumped again.
The massive market crash did not deter Kevin O’Leary, as the leading investor said he would not sell any of his BTC and crypto holdings.
The Iranian government has reportedly decided to stop crypto mining operations in the upcoming summer season.
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