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Following another slump towards $53,500, bitcoin has reclaimed some ground and has overcome $56,000. Most altcoins have also bounced off since the latest drops, with BNB taking back the third position in terms of market cap and THETA solidifying its top 10 position with another double-digit surge.
Bitcoin Adds 3% Following Tesla News?
The past several days didn’t go well for the primary cryptocurrency. After touching but getting rejected at the coveted $60,000 price line on Saturday, bitcoin lost roughly $7,000 to just beneath $53,000, as reported yesterday.
In the past 24 hours, the situation seemed somewhat more positive as BTC jumped to nearly $56,000. However, the bears regained control again and drove BTC back down to an intraday low of $53,500.
Approximately at that time, Tesla’s Elon Musk said that his electric vehicle giant will officially start accepting bitcoin as a means of payment. Perhaps even more importantly, he noted that all BTC the company receives will be “retained as bitcoin, not converted to fiat currency.”
Keeping in mind the history between Musk’s endorsements and BTC’s price, the asset jumped by over $2,000 in a matter of hours and currently sits north of $56,000.
Alts Attempt Recovery; BNB Back in Top 3
Most of the altcoin market suffered in the past few days as well. Ethereum dropped from above $1,800 to $1,650, but the second-largest cryptocurrency has regained some ground as well since then. Following a minor increase, ETH is back above $1,700.
Binance Coin dropped beneath $250 yesterday and lost its position as the third-largest digital asset to Tether (USDT). Similar to ETH, though, a slight jump has helped BNB in reclaiming the top three spot with a price tag of $260.
Cardano (3%), Polkadot (1.4%), and Litecoin (5.5%) are in the green too. In contrast, XRP (-2%) and UNI (-7%) have lost some value. UNI’s price slump is somewhat unexpected as the decentralized exchange behind the governance token announced the long-anticipated V3 upgrade news earlier.
THETA is again the most impressive large-cap gainer with a 26% surge. As such, the asset has solidified its position within the top ten, while Chainlink (1.5%) is out.
Cryptocurrency Market Overview. Source: Quantify Crypto
Further gains come from Ankr (38%), Harmony (37%), MVL (32%), Curve DAO Token (30%), Theta Fuel (27%), Ontology (25%), Enjin Coin (21%), ICON (18%), PancakeSwap (15%), and Flow (13%).
Ultimately, the crypto market cap has added $60 billion and is well above $1.7 trillion.
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