Friday, March 1, 2024

Several Altcoins Registered Double-Digit Gains, BTC Stands Above $21K

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Several altcoins registered double-digit gains like Dot, AVAX, SOL, and MATIC while Bitcoin managed to rise above $21,000 so let’s read more today in our latest altcoin news.

The crypto markets are in green again with several altcoins registering double-digit gains. Following last week’s massacre and especially during the weekend, the alternative coins started their recovery sessions. Ethereum was among the biggest losers and at one point, ETH lost over 50% in value in a week and dumped all the way to $900. Yesterday there was some relief to the second biggest crypto which reclaimed $1000 and marked another daily increase that pushed it above $1100.

crypto marekt
Cryptocurrency Market Overview. Source Quantify Crypto

BNB dipped below $200 but it is now above $220 after a 5.5% jump and ADA saw a similar increase while trading at $0.5 XRP, LEO, DOGE, and SHIB which are also in the green. The biggest gainers from the larger cap altcoins were Solana, Avalanche, Chainlink, Polkadot, and Polygon. The organization behind Cardano said it decided to postpone the Vasil upgrade to have time to prepare even better.

Bancor also joined the list of other industry names that halt services and the project stopped its impermanent loss protection feature due to market issues. The authorities from South Korea banned some of the Terra employees from leaving the country. BTC crashed hard this week and plunged below $20,000 during the weekend for the first time in a year and the main cryptocurrency kept on diving further and bottomed at $17,500 which was a new 18-month low.

The bulls stepped up and reversed the BTC trajectory so instead of heading further south, the asset started reclaiming ground and surged above $20,000. The past 24 hours were quite positive for the cryptocurrency aside from a smaller retracement to below $20,000 and as of now, BTC stands above $21,000 and the market cap reclaimed the $400 billion mark with the dominance over the altcoins standing at 44.5%. BTC recovered more than $4000 in a few days and Arthur Hayes thinks the asset is not out of the woods yet and could drop further once again.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

The massive market crash didn’t deter Kevin O’Leary as the popular investor said he will not sell any of his BTC stash and other crypto holdings. The Iranian governemnt decided to stop crypto mining operations amid the upcomign summer season.

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