BTC Soared $1700 In Two Days, Reclaiming The $19,000 Position

BTC soared $1700 in two days and reclaimed the $19,000 position with the market cap eyed $560 billion as we are reading more in the latest Bitcoin news today.

Over the past two days and bottoming below $17,500, BTC recovered the losses and spiked back beyond the $19,000 level as of the time of writing. Most altcoins are in the green as well, besides ripple which continued to drop in value following the spark airdrop. The primary cryptocurrency had a volatile past few days and just two days ago, it went from trading safely around the $19,000 price point to as low as $17,500.

However after Wall Street ended the week, the bulls returned and reclaimed the $18,000 price level. BTC Soared $1700 in two days as it doubled down on its weekend gains and broke the $19,000 price range. Despite the recent bullishness, the crypto analytics company Santiment warned that the situation could change fast as the data shows that the general sentiment among social media was quite negative in the past two months. The company explained further that the panic sell-off was prevalent as exchange inflow spikes showed that the traders were moving their funds to exchanges to get rid of them. Santiment concluded that the cryptocurrency reached an overvalued status again.

The alternative coins had it worse over the weekend but they started recovering as well in the past few days similar to BTC. Ethereum gained another 3% of value in the past day and hit $578 as of the time of writing. BCH increased by 1.7%, BNB by 2.4%, Polkadot by 1.5%, and Chainlink by 1.3%. Despite the recent gains, most altcoins lost value BTC-wise as their dominance was rising over the past few days. BTC’s dominance is now 63.7% according to CoinMarketCap.

The only exception for a second consecutive day was Ripple thanks to the Spark airdrop snapshot. XRP was dropping in value since the airdrop happened and as a result, it now struggles with the $0.50 level. NEM was among the most impressive gainers as it jumped by 7.
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5%. the crypto market spiked to nearly $560 billion which means it increased by about $40 billion since the drop in Friday.