Crypto Markets Attract $170B In One Day As BTC Explodes Above $41K

The crypto markets attract $170 billion in one day as the entire landscape changed after Bitcoin surged past $40,000 so let’s read more in today’s latest altcoin news.

After more than two weeks of trading below $40,000, BTC made a move to reclaim the coveted level and the entire market followed suit with a huge price increase from ETH, Cardano, BNB, SOL, and DOT. It was just a week ago when the main cryptocurrency crashed below $37,000 and in the next few weeks, the asset failed to recover most of its losses and dumped to its lowest point since late July below $33,000. It started to add some value and challenged the $39,000 a few days ago and it was rejected at first with the bears pushing it below $37,000 right away.

This is where the situation changed, and while trading below $37,000 and $38,000 a day ago BTC went on a tear and surged above $40,000 for the first time in over the two weeks. It kept on climbing in a few hours and BTC now stands at around $41,500 which means that the crypto is up to $4000 since a day ago. As a result, the market cap that dumped below $700 billion just a few days which is now close to $800 billion. As it usually happens when the BTC price goes through enhanced volatility, the altcoins do the same. Ethereum struggled to remain above $2000 a few days ago and the second biggest crypto trades above $3000 after a 7% daily increase.

Polkadot, Terra, Avalanche, MATIC, and Binance Coin also surged by double-digit since a day ago. A bit more modest gainst from Solana, Ripple, Cardano, DOGE, and CRO. As expected, the low and mid-cap altcoins displayed more fluctuations. GALA led the way with a 30% surge followed by LEO whcih increased 25%, and Juno that increased by 20%. The Sandbox followed suit with an 18% increase, Mina protocol with a 16% increase, and ThorCHain with a  14% increase. The crypto markets attract $170 billion since the lows to above $1.9 trillion.

As recently reported, Bitcoin reclaimed $40K after a rough start of the year and the biggest cryptocurrency by market cap increased 8% in the past day as per CoinGecko estimates. The asset got off to a bad start this year and crashed to levels not seen since six months ago. The coin looks like it could make a slow recovery despite being down over 40% from the all-time high of $69,044 and touched in November.