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Friday, March 1, 2024

Rebound Friday: Bitcoin Shoots Up to $44K, Solana Reclaims $100 (Market Watch)

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Bitcoin slumped hard two days ago to under $42,000 but has reacted well and spiked above $44,000 earlier today.

Most altcoins have also continued to rebound, with ETH soaring past $2,250 and SOL back above $100.

BTC to Reclaim $44K?

Perhaps fueled by the growing anticipation of an SEC decision in terms of spot Bitcoin ETFs, the start of 2024 has been quite volatile and noteworthy. A day into the new year, the primary cryptocurrency soared by more than three grand and neared $46,000 for the first time since April 2022.

A day later, though, the landscape changed in a tremendous fashion when the asset plummeted by more than four grand to $41,500.

Bitcoin reacted well to this massive price slump and started to recover some ground in the following hours. Earlier today, it soared past $44,000 and even neared $45,000. However, the bulls stepped up and pushed the cryptocurrency south almost immediately.

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As of now, BTC stands at around $44,000, while its market capitalization has increased to over $860 billion. Its dominance over the altcoins has also jumped to 51.6%. Recall that the metric had retraced to under 50% just a few days ago.

BTCUSD. Source: TradingView

SOL Back Above $100

The alternative coins suffered even more during the Wednesday crash, with multiple double-digit price slumps. Many of them, though, have managed to recover large portions of the losses.

Solana dumped hard to way below $100, but being in the green for two consecutive days has pushed the asset above that line as of now. Ethereum is 2% up on the day and trades above $2,260. Ripple, Avalanche, Dogecoin, and Chainlink are also slightly in the green from the larger-cap alts, while BNB, ADA, DOT, and TRX are with minor losses.

Injective, Monero, Aptos, Stacks, and KAS have gained the most from the top 36 assets. KAS leads the race with an 11% sure that has pushed it to over $0.11.

The total crypto market cap has recovered more than $80 billion since the Wednesday low and is up to $1.670 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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