Bitcoin Maintains $40K, APE Soars into Top 100 (Market Watch)

BAYC’s new token – ApeCoin – has found a place in the top 100 cryptocurrencies with a market cap of almost $2 billion a day after its launch.

Following the recent price fluctuations, bitcoin calmed on a daily scale and has since remained above the coveted $40,000 price tag. Most altcoins are also relatively stagnant now, but the top 100 coins have seen the entrance of the recently launched ApeCoin.

Bitcoin Remains Above $40K

Bitcoin’s volatility was quite evident in the past several days, especially on Wednesday morning when the cryptocurrency skyrocketed by nearly $3,000 in minutes and neared $42,000.

However, the asset dumped just as quickly to just under $39,000, resulting in more than $200 million worth of liquidations.

Then came the news from the US Federal Reserve about the increasing interest rates by 25 basis points, which initially sent BTC south by a grand before it recovered all losses almost immediately again.

As such, bitcoin challenged $41,000 yesterday but failed to overcome it decisively. Since then, BTC has remained somewhat stagnant and stands between $40,000 and $41,000.

As such, its market capitalization has been unable to reclaim $800 billion but stands north of $750 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Stall: APE Enters Top 100

Most altcoins went through similar price pumps and dumps lately but have calmed now. Ethereum is among the few coins in the green today as a minor 1% increase has driven the second-largest cryptocurrency to $2,800.

Avalanche has also charted slight gains and stands at $80. In contrast, Terra (LUNA) has lost the most value – a near 6% decline has pushed the asset below $85.

Ripple, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, and CRO are also slightly in the red since yesterday.

The top 100 coins by market capitalization have a new representative in the face of ApeCoin. Just a day after its launch, the new token of the popular NFT project Bored Ape Yacht Club has grown in market cap to almost $2 billion, according to CoinGecko.

The total market cap of all crypto assets has remained almost flat compared to yesterday at just over $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


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