After charting a new six-week low beneath $38,000, bitcoin reacted well and added almost $2,000 in 24 hours. A few altcoins have also recovered some ground following the latest correction, and ApeCoin stands out once more. BAYC’s native asset marked a new all-time high above $20.
The past several days were quite volatile for the primary cryptocurrency. It all started on April 25 when it found itself trading at just over $38,000, but the bulls stepped up and pushed it north.
As a result, BTC skyrocketed by almost $3,000 in hours, reclaimed $40,000, and even came close to $41,000. As the bulls were preparing for another run-up, the landscape changed.
Instead of heading further north, bitcoin started to lose value somewhat rapidly and lost all of its recent gains. Furthermore, this time, it fell below $38,000 for the first time since mid-March.
After marking this multi-week low, BTC bounced off and jumped above $39,000. As of now, it sits close even to $40,000 but has not challenged that level yet.
Consequently, bitcoin’s market capitalization has also recovered some ground and sits at $750 billion.
The altcoins went through a similar rollercoaster in the past few days, but most are slightly in the green today.
Ethereum, for instance, experienced a drop from $3,100 to $2,800 in a matter of days. As of now, the second-largest crypto trades above $2,900 after a minor daily increase.
Binance Coin has also bounced off to above $400 after a 2.5% price jump on a 24-hour scale. Solana sits at $100, while LUNA is at $90. Cardano, Polkadot, and Avalanche are with minor gains, while Ripple, Dogecoin, and Shiba Inu are slightly in the red.
ApeCoin continues to be among the best performers, perhaps fueled by the rumors of BAYC’s next endeavor. APE is up by about 8% since yesterday. It registered a new all-time high above $20.
The crypto market cap is up by around $70 billion since yesterday’s low and is above $1.8 trillion.
