• Mon. May 20th, 2024

Crypto Markets Gain $170 Billion as Bitcoin Skyrockets Past $41K 

OnZine Articles

ByOnZine Articles

Feb 5, 2022

The cryptocurrency market capitalization added more than $170B within one day as the overall landscape changed. Bitcoin’s remarkable gains had it at levels beyond $40K.

Bitcoin finally rose past the psychological level around $40,000 after hovering beneath the mark for more than fourteen days. That had the entire crypto market flashing massive daily gains. Some of the alts with significant 24hr returns include Ethereum, Cardano, Binance Coin, Polkadot, and Solana.

Bitcoin Gained More than $4K

The leading crypto plummeted beneath the $40K level on 20 January, touching multi-month lows. The crypto struggled to recover the following weeks but could not and even dropped towards the lowest level since July, hovering below $33K.

However, Bitcoin started adding value over the past few days, challenging the $39K zone. It met rejection upon the first attempt as bears pushed BTC under $37K within no time. However, this situation changed. After hovering within the $37K and $38K range yesterday, BTC exploded past $40K amid overnight sessions, hitting a 2-week high.

Bitcoin kept rising in the hours that followed, sitting beyond $41,500 at this publication. That means the currency gained over $4K since yesterday. With that, BTC’s market cap nears $800 billion after staying below $700 billion some days ago.

Altcoins with Impressive Gains

As it usually occurs when BTC witnesses enhanced volatility, altcoins followed suit. Ethereum battled to stabilize beyond the $2K mark day ago. However, the 2nd-largest crypto noted a 7% 24-hour surge, hovering beyond $3,000.

Polkadot, Binance Coin, MATIC, Shiba Inu, Avalanche, and Terra also recorded double-digit gains over the past day. Others with modest upswings include Cardano, Ripple, Solana, CRO, and Dogecoin. Nevertheless, mid-and lower-cap tokens showed even more substantial fluctuations, as expected. GALA lead the pack after surging 30%. LEO (+25%), Sandbox (+18%), JUNO (+20%), NEAR Protocol (+16%), THETA Network (+15%), Mina Protocol (+16%), THORChain (+14%) and Loopring (+14%).

The impressive gains had the cumulative market capitalization adding almost $170 billion from yesterday’s $1.9 trillion. While publishing this article, the crypto heat map shows green dominating. It may be fascinating to watch upcoming price reactions. Stay around for the latest news in the crypto spectrum.

OnZine Articles

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OnZine Articles main author - Max Haydon

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