BTC, ETH Recover 6% Daily, XRP Soars 10% on Latest SEC-Lawsuit News (Market Watch)


After a few days of free fall, Bitcoin finally turned things around, gaining 6% in a day to reclaim $19,000.

Altcoins are also doing well today, with ETH surging a similar percentage. Interestingly, Ripple is once again the best performing company today.

Bitcoin back above $19,000

The past week has not been smooth for BTC. The asset had unsuccessfully jumped to just under $23,000 last Tuesday, while upcoming U.S. CPI data pulled it down thousands of dollars to $20,000.

It wasn’t long before that coveted level gave way, and BTC found itself below it on Wednesday. For the next few days, Bitcoin held around that level, mostly below it.

However, the asset took a hit earlier this week, falling to a three-month low of $18,300 (on Bitstamp). Here are some possible reasons behind this crash.

Nonetheless, BTC reacted quite positively to the drop. In the hours that followed, it added more than $1,000 and is currently around $19,500. It has a market cap of $375 billion, and its dominance among altcoins is suffocating at nearly 40%.

Bitcoin dollar. Source: TradingView
Bitcoin dollar. Source: TradingView

Altcoins are also turning green

Yesterday, altcoins suffered as badly as BTC, if not worse, but today is a completely different story.

Following Thursday’s merger, the price of ethereum fell violently south, down more than $300 in a few days. As a result, ETH plunged to multi-month lows below $1,300 yesterday. Now, though, a 6% daily gain has pushed the second-largest cryptocurrency to nearly $1,400.

Binance Coin also fell sharply, but similar daily gains have pushed it above $270. Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Polygon, and Avalanche also stand out from the large-cap stocks.

Ripple is the top performer today following the latest developments in the case against the SEC. XRP jumped more than 10% to trade near $0.4.

The prices of mid- and low-cap stocks also saw notable gains, resulting in a $40 billion increase in the overall cryptocurrency market capitalization. Still, the metric is still a long way from the coveted $1 trillion mark.

An overview of the cryptocurrency market.Source: Quantitative Encryption
An overview of the cryptocurrency market.Source: Quantitative Encryption
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