Bitcoin Surpasses $40K Following Massive Volatility, Markets Add $80B Overnight (Market Watch)

The crypto market has turned green today as bitcoin soared above $40,000 and most altcoins charted impressive gains.

Bitcoin reminded of its enhanced price fluctuations with a roller-coaster movement but has since reclaimed $40,000. Most altcoins are well in the green on a daily scale, with Ethereum charging towards $2,700.

Bitcoin Stands Above $40K

Aside from a few brief movements up and down, the past several days were quite calm for bitcoin as it stood around $39,000 for most of the time. However, it all changed in the past 24 hours.

The asset traded close to the aforementioned level before it suddenly skyrocketed by nearly $3,000 to almost $42,000. Yet, it dumped just as quickly and returned to $39,000, resulting in over $200 million worth of liquidations for over-leveraged traders.

Nevertheless, the bulls regained control over the market and pushed BTC north again. This time, the leg up was more gradual, but bitcoin still reclaimed $40,000. As of now, the cryptocurrency stands at around $40,500. Consequently, its market capitalization has gone well above $750 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Green

The alternative coins also struggled in the past few days with little-to-no decisive movements. Now, though, green dominates the landscape.

Ethereum is among the leaders, with a daily increase of 6%. As a result, the second-largest cryptocurrency has neared $2,700 after dropping to and below $2,500 earlier this week.

Solana, Polkadot, and Avalanche have displayed similar increases and trade at $83, $18, and $80, respectively.

Binance Coin, Ripple, Cardano, Dogecoin, and Shiba Inu have seen more modest gains but are still in the green. From the lower- and mid-cap altcoins, Fantom and EGLD are among the best performers with double-digit jumps.

The crypto market cap is up by around $80 billion in a day and is close to $1.8 trillion after slipping beneath $1.7 trillion.

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


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