Saturday, March 2, 2024

Crypto Market Cap Closes On $1 Trillion As BTC Reclaimed $21K

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The crypto market cap closes on $1 trillion as BTC reclaimed the $21K price point once again so let’s have a closer look at our latest altcoin news and analysis today.

Bitcoin’s consolidation continues as the asset stalled above $21,000 and most other altcoins were also calm after the recent volatile ride with more biggest gainers coming from DOGE and Cardano. After the massive turbulence and the price declines that BTC experienced, the past week brought some recovery for the asset, and just last Sunday, it crashed to an 18-month low of $17,500. Monday started off well as the cryptocurrency bounced off and hit $20,000 but then failed to reclaim the level at first and did it a few days later.

BTCUSD. Source TradingView

BTC found itself above $21,500 which is a weekly high as the bulls tried to regain control of the market. BTC was rejected there and dropped below $20,000 after the FED Chair’s latest affirmation about the rise of the interest rates. Since then, the asset reclaimed some value and came closer to $21,500 and once again its market cap remained near $400 billion but the dominance over the altcoins is under 42.5%. The alternative coins went through a similar phase but they remain calm on a daily scale.

Ethereum dumped from over $2000 to $900 in one week but since then, ETH reclaimed about $300 of value and trades above $1200. BNB sits near $240 after a smaller daily retracement but similar price movements are evident from Solana, DOT, Tron, Avalanche, and Ripple. In contrast, Cardano and DOGE are up by 3% in one day to above $0.5 and from the mid-cap and lower cap altcoins, LTC and FTT increased by 4%. More gains came from Apecoin as well as MANA but the cumulative crypto market cap closes at $1 trillion and increased by $20 billion in one day.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, After the recent volatility, BTC tested $21K and spiked higher while other altcoins also charted some impressive gains in the past day with XP leading the rest as it surged by 14%. After last week’s market correction that led BTC below $17,000, the bulls were trying to recover some of the lost ground Bitcoin and this resulted in a jump to $21,500 a few days ago. However, BTC failed there and dipped below $20,000 after the FED Chair reaffirmed the central bank’s plans to continue increasing the interest rates and fight the surging inflation.

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