After plunging to $26,600 on Bitcoin's pizza day, the cryptocurrency reversed its decline and bounced back. Altcoins are also trading slightly stronger with ETH, MATIC, SHIB, TRX and AVAX jumping around 3% on the day.
Major cryptocurrencies have been stuck in a fairly tight range for the past week or so, which Glassnode also acknowledged yesterday. Analytical sources inform that BTC's 7-day price range has dropped to 3.4%, which has happened only a few times in the past three years.
Each time, however, was followed by massive price movements in both directions. As such, Glassnode warns that there may be more volatility soon.
However, so far, the asset has remained within this range. Yesterday was a Bitcoin pizza day, and BTC fell to the bottom of the range at $26,600. But momentum returned and drove it to multi-day highs near $27,400.
Despite failing to surge higher, BTC is still trading above $27,000 so far. Its market cap has approached $530 billion, while BTC's dominance over alts is at the same position of 46.4%.
Just like bitcoin, ETH also saw some movement in the past few days but gradually started to weaken. Therefore, it is close to dropping below $1,800. However, a 2.5% increase in the past 24 hours has prevented such a development, and the second largest crypto asset is currently trading at $1,847.
Similar price spikes can be seen from Polygon, Shiba Inu, Tron, and Avalanche from larger-cap alts. BNB, ADA, DOGE, SOL, LTC and DOT also traded slightly firmer. The most impressive price increases on a daily scale came from Conflux (16%), KAVA (14%), and Render Token (11%).
In total, the total crypto market cap has recovered around $20 billion in a day and amounts to $1.140 trillion.
