After several days of charting new lows, bitcoin finally bounced off and added over 5% of value on a daily scale.
However, most altcoins have outperformed the largest crypto. Massive daily increases are evident from BNB, LTC, and others.
Altcoins on the Rise
The past several days didn’t go all that well for the cryptocurrency market, but the tides have changed now. Ethereum had dipped from over $1,200 to a multi-week low of under $1,100. Now, though, the second-largest crypto trades close to $1,200 once more, following a 7% daily increase.
Binance Coin has soared by almost 20% as the exchange announced the latest Launchpad listing. As such, BNB stands close to $300.
Ripple, Dogecoin, Cardano, Polygon, Polkadot, OKB, Shiba Inu, LEO, Avalanche, and Chainlink have also marked impressive daily increases.
Litecoin has stolen the show from the larger-cap alts with a notable 25% surge. Consequently, the asset has hit a 6-month high at $80.
With most lower- and mid-cap alts charting impressive gains as well, the overall crypto market cap has added almost $60 billion in a day. The metric, which fell below $800 billion yesterday, it close to $830 billion now.
Bitcoin Bounces 5%
The primary cryptocurrency had also fallen hard since the start of the working week after trading sideways for most of the weekend. On Monday, the asset dropped from almost $17,000 to $16,000 before the bears drove it further south to $15,600 on Tuesday.
After charting a new two-year low, though, the bulls have stepped up and pushed BTC north. This has resulted in a 5.5% daily increase, which has taken bitcoin back up to $16,500.
As such, its market cap has managed to defend the $300 billion level and now sits close to $320 billion. However, its dominance over the altcoins has been hit hard.
The metric was at almost 39% yesterday but has dropped to 38.5% now, following the massive gains from the alts.
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Cryptocurrency charts by TradingView.