Bitcoin reacted positively to the drop below $94,000 earlier this week and surged above $97,000 today for the first time since Monday.
Most altcoins posted more impressive gains in the past 24 hours, with XRP surging to $2.7 and SUI rising to $3.3.
BTC hit $97K after a volatile start to the previous trading week, the major cryptocurrency stabilized over the next few days and remained in a range between $95,000 and $97,000. Every attempt to break above this range, such as Friday’s surge to $99,000, was met with immediate rejection, causing the asset to hold onto the upper boundary throughout the weekend.
Monday began with a decline that pushed it to the lower boundary, but buyers managed to hold on to that level. After 24 hours of trading at that level, sellers took control on Tuesday night and pushed BTC to a two-week low below $93,500.
However, buyers regained control of the market at this point and did not allow any further declines. Instead, Bitcoin began to regain momentum and surged past $96,000 yesterday and reached $97,000 today.
This means that Bitcoin’s market cap is now close to $1.930 trillion on CG. Bitcoin’s dominance over altcoins has also increased to 58%.
A number of altcoins also came under pressure on Tuesday but managed to recover most of their losses over the next 36 hours. Cross-border tokens. Ripple was one of the main leaders on the daily scale, jumping almost 5% to a multi-day high of $2.7. SUI also recorded similar gains and is now at $3.3, while XLM is up 3.5% and trading near $0.35.
ADA, AVAX, SOL, and HBAR are also in the green, while HYPE and TAO are up 8% and 15% respectively.
On the other hand, LTC, which has been performing well recently, is down 6% and is now below $130. ETH, DOGE, BNB, TRX, and LINK are also down slightly.
The total crypto market cap has increased to $3.330 trillion on CG.
