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Home » Market Updates » Bitcoin Sideways Action Continues as Solana Breaks $200 to New ATH (Market Watch)

Bitcoin Sideways Action Continues as Solana Breaks $200 to New ATH (Market Watch)

Author: Jordan Lyanchev

Last Updated Sep 10, 2021 @ 08:40

The crypto market cap adds $200B in two days as most altcoins are well in the green. Solana broke above $200 to set a fresh ATH.

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After the enhanced volatility and massive price crash, bitcoin has stabilized around $46,000. Most altcoins also display early signs of recoveries, with impressive double-digit price increases.

Bitcoin Calms Around $46K

The past few days reminded of BTC’s volatile nature. The primary cryptocurrency had finally broken above $50,000 and even kept climbing to new multi-month highs. The latest came just two days ago at $53,000.

The so-called Bitcoin Day, in which the asset officially became a legal tender in El Salvador, brought only pain for the bulls. In just a matter of hours, BTC plummeted by more than $10,000 in a few violent candles.

This culminated in a drop to below $43,000. Since then, bitcoin has reclaimed some ground and has calmed around $46,000. Its market capitalization is still well below $900 billion after it came inches away from touching $1 trillion two days ago.

Moreover, bitcoin’s market dominance has also declined to 41% as most alternative coins have bounced off quite nicely in a day.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts’ Recovery Session as SOL Breaks $200

The alternative coins suffered even more than their leader during the crash. Now, though, most have outperformed BTC.

Ethereum dropped below $3,100 on Tuesday, just a few days after it had exceeded $4,000. A 7.5% increase in the past 24 hours has driven the second-largest cryptocurrency to above $3,500 as of now.

Cardano, whose network was criticized lately, has surged by 13% in a day to $2.6. Binance Coin (6%), Dogecoin (6%), Ripple (6%), Polkadot (11%), Bitcoin Cash (3%), Chainlink (9%), and Uniswap (9%) are also well in the green.

It’s worth noting, though, that Solana has trumped all other larger-cap alts. SOL has exploded by 35% in a day, broke above $200 for the first time to set a new ATH, and surpassed XRP in terms of market cap earlier today.

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

 

Even more gains come from NEAR Protocol (45%), IOST (40%), Hedera Hashgraph (37%), Fantom (35%), Raydium (35%), Mina (33%), Elrond (33%), and many more.

Consequently, the crypto market cap has recovered roughly $200 billion since the low on Tuesday and sits at $2.150 trillion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Bitcoin (BTC) Price Solana (SOL) Price
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About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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