Bitcoin Price Spikes To $10,800 As Total Market Cap Recovers $12 Billion

Following a few days of severe price drops, the cryptocurrency market is in a state of recovery today. Bitcoin has surged from $10,300 to nearly $10,800, while Ethereum trades above $340.

Bitcoin Bounced Off $10,130

After bottoming at $10,130 a few days ago, the primary cryptocurrency started recovering yesterday and hovered around $10,400. In the past 24 hours, Bitcoin continued upwards and just a few hours ago, peaked at almost $10,800 (On Binance).

Although BTC has lost some steam and has retraced to $10,650, this is still a near 4% increase on a 24-hour scale.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin’s upside movement is significantly more impressive than the stock markets. While BTC is up by about 4%, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average closed yesterday’s trading session with increases of about 0.3%.

However, BTC’s correlation with gold continues to be evident. The precious metal went from its daily bottom of $1,845 per ounce to an intraday high of $1,878 and has declined slightly to $1,870.

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Altcoins Pump Hard

In the past few days, most alternative coins bled out rather vigorously, and their market cap plummeted from about $150 billion to $130 billion. However, in the past 24 hours, most alts have bounced off, thus increasing the altcoin market cap to $139 billion.

Altcoin Market Cap (No BTC). Source: CoinMarketCap
Altcoin Market Cap (No BTC). Source: CoinMarketCap

Ethereum bottomed at $315 yesterday but has surged since then, and ETH trades at about $345. Ripple is 3.5% up and currently sits above $0.23. Bitcoin Cash (2%), Polkadot (5%), Binance Coin (5%), Crypto.com Coin (3.5%), and Litecoin (2%) are also in the green.

Nevertheless, Chainlink has outperformed all top 10 coins with a surge of 17%. LINK is nearing $10 and has overtaken CRO for the 8th spot.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Further gains are evident from lower-cap altcoins. Avalanche leads with a 23% increase, Synthetix Network Token (19%), ABBC Coin (18%), and Helium (18%) complete the top four. It’s worth noting that HNT has entered the top 100 after being listed on the leading cryptocurrency exchange Binance.

Cosmos (15%), Arweave (14%), UMA (13%), Ren (12.5%), Algorand (12%), Orchid (12%), Band Protocol (11.5%), THETA (11%), Neo (11%), and Uniswap (10%) complete the double-digit price increase club.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Bitcoin (BTC) $ 98,268.33 0.24%
Ethereum (ETH) $ 3,426.71 2.83%
Tether (USDT) $ 1.00 0.08%
Solana (SOL) $ 258.70 1.11%
BNB (BNB) $ 660.59 3.14%
XRP (XRP) $ 1.47 6.27%
Dogecoin (DOGE) $ 0.444494 9.39%
USDC (USDC) $ 1.00 0.03%
Cardano (ADA) $ 1.07 3.41%
Lido Staked Ether (STETH) $ 3,425.81 2.74%