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Bitcoin’s price has recovered most recent losses and spiked above $47,000 to tap a weekly high. Most altcoins are also in the green, including a 5% increase from Binance Coin. As a result, the cryptocurrency market cap has added roughly $150 billion in two days.

Bitcoin Taps $47K

The past few days were highly volatile for the primary cryptocurrency. It all started after getting rejected at $46,500 on Monday, and the subsequent drop took it to $45,000 in minutes.

However, the situation intensified later on that day when news broke that the e-commerce giant Walmart had started to accept Litecoin payments for its products and services.

Bitcoin, and the rest of the market, exploded in value. BTC alone spiked from $44,600 to just shy of $47,000. However, the reports turned out to be fake, and the asset went down just as vigorously. In a matter of minutes, bitcoin plummeted to $43,400.

The bulls stepped up at this moment and started gradually pushing the cryptocurrency north. In the following two days, BTC has increased by nearly $4,000 and broke above $47,000 hours ago. Moreover, it went to a high of $47,500, which became the highest price tag since last week’s market correction.

As such, BTC’s market cap has neared $900 billion once more, while the dominance over the alts is still around 41.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Green; BNB Spikes 5%

Most alternative coins have performed rather similarly to their leader lately, including the enhanced volatility on Monday. Ethereum dropped below $3,100 but has recovered most losses and currently sits just over $3,400.

Binance Coin is among the best performers today, with a 5% increase. Consequently, it trades around $425. Even more impressive gains come from Chainlink and Uniswap, both of which have surged by roughly 10%. LINK has reclaimed $30, while UNI sits above $25.

Minor increases come from Ripple, Polkadot, Dogecoin, Terra, and Litecoin. Solana is in the red today after issues with its network yesterday.

Cryptocurrency Market Overview. Source: Quantify Crypto

 

Curve DAO Token (20%) and Hedera Hashgraph (19%) have surged the most from the top 100 coins in a day. IOST (16%), Aave (16%), SushiSwap (15%), eCash (14%), Compound (12%), Fantom (11%), THETA (11%), and Flow (10%) follow.

The cryptocurrency market cap has recovered just over $150 billion since the low two days ago and currently stands above $2.1 trillion.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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