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

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After yesterday’s nosedive, bitcoin bounced off, added a couple of 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 news from KuCoin.

Bitcoin Taps $19K

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

It spent many of the weekend caught under that degree, apart from a couple of transient makes an attempt to reclaim it. However, 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 under $20,000, however additionally they drove it south by one other $1,500.

As a consequence, 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 a couple of 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 under 38%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LUNC Steals the Show

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

Ethereum has been fairly risky these days, maybe fueled by anticipation for the upcoming Merge. Upon the implementation of the Bellatrix update earlier this week, ETH soared above $1,650, and it dumped beneath $1,500 a day later. As of now, a 6% day by day enhance 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. As a consequence, 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 beneficial properties. ETC, ATOM, NEAR, LINK, and EOS have gained essentially 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.

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

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

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