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Bitcoin Reclaims $19Okay, Terra’s LUNC Soars 50% (Market Watch)

After yesterday’s nosedive, bitcoin bounced off, added just a few hundred {dollars}, and at the moment sits above $19,000.

Most altcoins reacted much more positively to the massacre, with ETH hovering previous $1,600. Terra’s LUNC is among the many greatest performers following information from KuCoin.

Bitcoin Faucets $19Okay

It’s secure to say that the previous a number of days didn’t go all that nicely for the first cryptocurrency, particularly because the asset misplaced the coveted $20,000 late final week.

It spent a lot of the weekend caught beneath that degree, other than just a few transient makes an attempt to reclaim it. Nonetheless, to no avail, and the final such unsuccessful instance got here on Tuesday when BTC pumped to $20,300.

The bears got here to play instantly and stopped bitcoin in its tracks. Not solely did they push it beneath $20,000, however in addition they drove it south by one other $1,500.

Because of this, the cryptocurrency dumped to a six-week low of $18,500. It reacted nicely at this level and added about $1,000 in hours however has misplaced just a few hundred {dollars} since then and now sits simply over $19,000.

Its market cap has regained $10 billion in a day, however its dominance over the alts has taken one other hit and is down beneath 38%.

BTCUSD. Source: TradingView
BTCUSD. Supply: TradingView

LUNC Steals the Present

The choice cash suffered simply as badly as BTC yesterday, however most have outperformed the main crypto asset now.

Ethereum has been fairly risky currently, maybe fueled by anticipation for the upcoming Merge. Upon the implementation of the Bellatrix replace earlier this week, ETH soared above $1,650, and it dumped beneath $1,500 a day later. As of now, a 6% every day improve has pushed the second-largest crypto above $1,600 as soon as extra.

Binance Coin and Solana are additionally up by as much as 6% in a day. Because of this, BNB sits at $280, whereas SOL is at $32.

The remainder of the larger-cap alts are additionally within the inexperienced, albeit with extra modest positive aspects. ETC, ATOM, NEAR, LINK, and EOS have gained probably the most from the mid-cap alts.

Terra’s rebranded LUNC token is up by 50% in a day after KuCoin announced assist for its burning mechanism.

Total, the crypto market cap has recovered $40 billion in a day, however the metric remains to be beneath the $1 trillion mark.

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

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Cryptocurrency charts by TradingView.

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