After falling to $40,000 yesterday, bitcoin went on the offensive and hit $42,000 to mark a nearly 10-day high. Altcoins have also turned green today, with Ethereum targeting $3,000 and Avalanche rising over 9%.
Bitcoin sees a 9-day high
The leading cryptocurrency experienced increased volatility last week when it suddenly surged $3,000 in minutes, from $39,000 to nearly $42,000. However, the situation was reversed shortly after and the asset fell back just as quickly to its initial level.
It recovered $40,000 a day later, but then the US Federal Reserve. confirmed his plans to raise interest rates by 25 basis points. Consequently, bitcoin slid once again and fell around $1,000.
However, this price pullback was short-lived and the cryptocurrency was back on the offensive. That stood around and above $40,000 for the next few days.
A few hours ago, however, bitcoin kicked off another leg by briefly breaking above $42,000 for the first time since March 10. As of now, the asset sits just below that level, with its market capitalization approaching $800 billion.
Alts in Green Led by AVAX
Altcoins were also relatively quiet in recent days, but now the green dominates the market. Ethereum is among the best of the larger cap alternatives.
The second largest crypto is up 5% and hovers well above $2,900. About a week ago, ETH had dropped below $2,500.
Binance Coin, Ripple, Terra, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu are also well in the green with increases between 2% and 5%.
Avalanche is the most significant gainer among the largest caps with an increase of 9.5%. As a result, AVAX exceeds $85.
More daily increases come from SNX (22%), Zcash (13%), Waves (12.5%), THORChain (11%), Fantom (10%) and others.
Ultimately, the crypto market capitalization has added around $80 billion in one day and is close to $1.9 trillion.
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