Market Watch: Terra (LUNA) Pushed Polkadot Outside Top 10, BTC Maintains $47K

Following another sub-$46,000 dip, bitcoin has bounced off and currently sits above $47,000. The altcoins are also slightly in the green, with Terra outperforming the rest after a substantial double-digit surge.

LUNA Surpasses DOT

The altcoins have suffered quite a lot since the start of December, and especially since the massive crash two weeks ago. Ethereum went from nearly $4,700 to $3,500 in a day, and even though it has recovered a lot of ground since then, it still stands below $4,000.

On a daily scale, though, the situation is somewhat more positive for most. Binance Coin stands at $540 after a 2.2% increase. Solana (4.5%), Cardano (3%), Ripple (1%), Dogecoin (1%), Polkadot (1%), and Shiba Inu (1%) are all slightly in the green as well.

Terra, though, is the most significant gainer from the larger-cap alts. LUNA has surged by 14% in a day and has neared $75. As a result, the asset has entered the top 10 largest cryptocurrencies by market cap, replacing Polkadot.

More gains on a 24-hour scale come from Decred (14%), Hedera (12%), Arweave (11%), Harmony (10%), and Cosmos (9%).

The cryptocurrency market cap is up by $50 billion in a day to above $2.2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Stands Above $47K

The primary cryptocurrency has also had its fair share of volatility lately. It failed at $51,000 on December 12th, and the bears pushed it south by several thousand dollars in the following days.

This culminated in two consecutive drops below $46,000, and the latest came yesterday. BTC reacted well to the dump 24 hours ago and spiked to $48,000.

However, it couldn’t continue upwards and has retraced by nearly $1,000 since then. As such, its market capitalization is still stuck below $900 billion.

BTCUSD. Source: TradingView