Just two days after bottoming at $17,500, bitcoin has recovered the losses and spiked back beyond $19K, as of writing these lines. Most major altcoins are also green, besides Ripple (XRP), which continues to drop in value following the Spark (FLR) airdrop snapshot.
Bitcoin Soars Above $19,300: Overvalued?
The primary cryptocurrency had a volatile past several days. Last Friday, just two days ago, It went from trading safely around the $19K mark to as low as $17,500.
However, after Wall Street ended its week, the bulls returned, reclaiming the $18,000 as reported here yesterday.
In the past 24 hours, BTC doubled-down on its weekend gains and broke above $19,000. As of writing these lines, BTC recorded a daily high at around $19,300 a few minutes ago.
Despite the recent bullishness, the crypto analytics firm Santiment warned that “the situation could change rather rapidly.” The firm’s data showed that the general sentiment among social media was the most negative it had been in two months.
The company further explained that panic sell-offs were also “prevalent, as exchanges inflow spikes showed traders moved their funds to exchanges to dispose of.” Thus, Santiment concluded that the cryptocurrency had reached an overvalued status once more.
Altcoins’ Road To Recovery: BTC Dominance on the Rise
The alternative coins had it even worse during the latest price declines. Nevertheless, they began recovering in the past few days, similarly to bitcoin.
Ethereum has gained another 3% of value in the past 24 hours and has spiked to $578 as of now. Bitcoin Cash (1.7%), Binance Coin (2.4%), Chainlink (1.3%), Polkadot (1.5%), Cardano (1.5%), and Litecoin (3.5%) are also in the green.
Despite the decent gains, most altcoins had lost value Bitcoin-wise, as Bitcoin’s dominance was rising over the past days. As of now, BTC Dominance is at 63.7%, according to CoinMarketCap.
The only exception for a second consecutive day is Ripple. The Spark (FLR) airdrop snapshot took place on December 12th, 00:00 UTC time, and XRP has been dropping in value since then. As a result, the third-largest cryptocurrency by market cap struggles with $0.50.
NEM is the most impressive gainer from the top 100. XEM has jumped by 7.5% and trades north of $0.25. NEAR Protocol (6%), Quant (5.6%), Zilliqa (5%), Ren (5%), and 0x (5%) follow.
As a result of the aforementioned developments, the crypto market cap has spiked to nearly $560 billion. This means an increase of about $40 billion since the dip on Friday.
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