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

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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.

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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Cryptocurrency charts by TradingView.

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