MATIC exploded 10% while Bitcoin tested the $38,000 price level as the coin continues to gain traction so let’s read further in our latest Bitcoin news.
MATIC exploded 10% and it is among the best performers since yesterday with a double-digit increase while a few days after consecutive price drops, Bitcoin tested a new level and went on the offensive once again and neared $38,000 with most other altcoins being in the green like Binance coin which managed to recover followed by Avalanche, MATIC, DOGE, CRO, NEAR and others.
The primary cryptocurrency slumped by $10,000 in a few days from January 20th to January 24th when it dumped to a low price point since late July below $33,000. This resulted in a huge number of liquidations for the over-leveraged traders and harmed the sentiment for the market. Since the low, the asset reacted well and started to recover some of the lost ground gradually. Bitcoin increased by $4000 and reached $37,000 but then in the next few hours, it replaced by $1000 before it went on the attack once again. This time, it reached $38,000 where it is situated now as well.
Its market capitalization reclaimed the $700 billion tag and the alternative coins suffered as well as during the recent price slides but most are in the green today. ETH was closer to breaking below $2000 but now the second biggest crypto is sitting around $2500 after a 3% increase. Similar price increases were evident from Cardano, Solana, Ripple, Chainlink, and Shiba but the most impressive gains came from DOGE which increased 8%, MATIC 10%, CRO by 8.5%, and NEAR by 12%. the situation with the lower cal altcoins is quite similar and the most important gainer on a daily scale is Waves which increased by 40%. GALA increased by 15%, SCRT by 13%, SNX by 12%, and HNT by 14%. The crypto market cap now stands at $1.7 trillion which means the metric will go up by $200 billion since the low two days ago.
As we reported yesterday, The total market cap increased by $120 billion and BTC rebounded 10% from yesterday’s bottom with other altcoins bouncing back. Right off the bat, it is worth looking into the BTC price which went on a huge roller coaster in the past 24 hours. The cryptocurrency dropped in a major downwards spiral and ended up reaching a price below $33,000 on Binance which was followed by the entire market.
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