Following a few consecutive days of struggling around $42,000, bitcoin went on the offensive and challenged $44,000. The altcoins have all turned green today, with Ethereum rising above $3,000 and Solana surging double-digits to $100 and beyond.
Bitcoin Targets $44K
The primary cryptocurrency tapped a multi-week high at nearly $46,000 on February 10th but failed to continue its ascent and started to lose value rapidly. In a matter of just a few days, it dropped below $42,000, thus losing about four grand.
However, this particular level, which is the January 2021 ATH and the 50-day MA, provided strong support as the asset bounced off of it a few times.
In the past 24 hours, bitcoin started to reclaim some of its lost ground and spiked above $43,000 for the first time in days. Moreover, it kept climbing and even touched $44,000 hours ago.
As of now, it’s still unable to reclaim that level decisively, but the 4.5% daily increase means that BTC’s market capitalization is well above $800 billion.
Altcoins Explode: ETH Above $3K
Most altcoins suffered in the past few days but have turned the page now. Ethereum is a prime example. It slipped to $2,800 after falling by $400 in days. However, the second-largest crypto has surged by nearly 8% on a daily scale and sits close to $3,100 as of now.
Binance Coin has soared to $430 after it dipped below $400 yesterday, due to an 8.5% increase. Similar price increases are evident from Ripple, Cardano, Terra, Polkadot, Dogecoin, and Shiba Inu.
Solana and Avalanche are among the best performers. Both are up by around 10%, meaning that SOL sits above $100, while AVAX is nearing $90.
Further gains come from Gala (19%), The Graph (19%), Kadena (19%), Mina (17%), Hedera (15%), JUNO (14%), THORChain (13%), Helium (12%), and others.
The crypto market cap has increased by around $100 billion in a day and is close to $2 trillion now.
