Tuesday, December 6, 2022

After Dropping To $38K, BTC Surged To $41K And Luna By 17%

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After dropping to $38K BTC surged to $41K and LUNA marked a new increase of 17% with the market turning green for almost all of the coins so let’s have a closer look at our latest altcoin news today.

The market turned green with a notable increase for BTC and Terra soaring by 17% to reach $90. After dropping to $38K, the BTC bulls returned to the scene and sent the coin a few thousand dollars north. The altcoin space is in the green today with some impressive double-digit increases from Terra and NEAR.

BTCUSD. Source TradingView

BTC dipped below $40K for the first time in a month but then recovered the drop and went to $41,000. However, it failed to continue upwards and remained stuck near $40,000 for a while. The situation changed as the week started when BTC dumped below $40K once again but it kept on losing value. This culminated in a decrease to around $38,500 which became the asset’s lowest price point since March. This is where the bulls stepped up and intercepted the move so instead of going further south, they pushed the cryptocurrency upwards and surged to $3000 to a new high of over $41,000.

Despite retracing a few hundred dollars since then and sitting just below this level, BTC is still up by 5% on the day and as such, the market cap neared $800 billion. The alternative coins suffered a loss but the market is in the green today. The second biggest crypto dumped below $3000 for the second time in a week but a 5% increase since then helped ETH reclaim the milestone.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Binance coin surged by 6% in one day after the BNB token burn and now sits at $420. Solana, Cardano, Ripple, AVAX, DOT, and SHIB Are also in the green. Nevertheless, Terra and NEar stole the show with LUNA soaring by 17% and sitting at $90 while NEAR is up by 14% and traded at $17. More impressive gains came from STEPN, Apecoin, Zcash, Loopring, and KNC. The crypto market added another $100 billion in one day and sits close to $1.9 trillion.

As earlier reported, LUNA is the governance token behind the fast-growing Terra network rallied from $76.44 to the daily high of $91.6 and led the charge of the rest of the market recovery. Despite the correction from the intraday high and LUNA surges 17% over the day by press time and traded to $8.85. The latest price action saw LUNA which enjoys a cap of more than $31.5 billion and reclaim the eighth spot on the market while Cardano is placed in the 9th spot with a market cap of $31.3 billion.

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