Bitcoin @$42K As Crypto Markets Stage A Recovery
By Laxmikant Khanvilkar
This week’s been quite the ride in the crypto markets, which currently stand at a total capitalization of around $1.68 trillion.
Bitcoin’s price has been particularly volatile this week. The correction took it all the way down to $38,500 – a price that we hadn’t seen for around two months. Contrary to what many analysts were claiming, BTC did, in fact, fall below $40K. It took a few days of consolidation around that level, but today, it finally managed to break out.
The price exploded today, charting an increase of around 5% on the day, which adds up to some 8% from the lows on January 22nd. This also brought enthusiasm across the rest of the market, which is also trading in the green today.
Bitcoin is currently trading around $41,850, up by almost 5% in the last twenty-four hours.
Meanwhile, Ether, the second largest cryptocurrency, was changing hands at $2272, up by almost 2% in the similar time frame.
Solana’s SOL and Avalanche’s AVAX were among those leading the gains, showing green candles to the tune of 3.7% and 5.7% respectively. Nonetheless, the crypto market remains around 14% down on its highs immediately following the approval of spot bitcoin ETFs in the U.S. earlier this month.
It appears that the euphoria surrounding the much-anticipated launch of a spot Bitcoin exchange-traded fund in the US is finally starting to fade. We can also see that in the slowdown of the exchange, inflows from Grayscale indicate that the selling pressure coming from that direction is dwindling.
Elsewhere, the Securities and Exchange Commission decided to postpone its decision on an ETH ETF, pushing back the deadline on multiple applications for March this year. It’s interesting to see what its stance would be on that one, as it might send ripples across the entire DeFi market.
In any case, the months ahead are undoubtedly likely to be very exciting, especially given the fact that the Bitcoin halving is scheduled to take place later in April.
The global crypto market cap is $1.61T, a 3.84% increase over the last day. The total crypto market volume over the last 24 hours is $58.58B, which makes a 26.90% increase. The total volume in DeFi is currently $4.42B, 7.54% of the total crypto market 24-hour volume. The volume of all stable coins is now $55.4B, which is 94.57% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.81%, an increase of 0.43% over the day.
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