After a consecutive decline over the past few days, Bitcoin has made a significant turnaround, reaching the $43,000 mark.
The broader altcoin market is displaying positive momentum today, with SOL reclaiming $100, ADA and AVAX experiencing notable increases of 4-5%, and LINK witnessing an explosive surge of 16%.
BTC’s resurgence began after hitting a local bottom last Thursday at $38,500. It swiftly bounced back to $40,000 and continued its upward trajectory over the weekend, reaching $42,000. Despite a temporary setback following the latest US Fed announcement on monetary policy, which briefly pushed it down by nearly two grand, BTC quickly rebounded and surged above $43,000 in recent hours.
Currently, the cryptocurrency is trading around this level, reflecting a 2% daily increase. Its market capitalization has surpassed $840 billion, with a dominance over altcoins at 51.1% on CMC.
While most altcoins experienced a slide yesterday, today has seen a shift to green. Ethereum and Binance Coin have surpassed $2,300 and $300, respectively, with a 2% increase. Solana has returned to $100 after a notable 5.5% daily jump.
AVAX and ADA have also posted similar percentage gains, joined by Tron, Polkadot, Polygon, and others. However, Chainlink has stolen the spotlight with an impressive 16% surge, pushing LINK to trade at around $18. Other notable gains are observed in cryptocurrencies like ICP and IMX.
This positive momentum has contributed to an overnight increase of $30 billion in the cumulative market capitalization of all crypto assets, bringing it back to $1.650 trillion on CMC.