Following Extreme Volatility Bitcoin Reclaims $30K, Cardano Soars 7% (Market Watch)

Following yesterday’s enhanced volatility, bitcoin bounced off and reclaimed the $30,000 mark. Most altcoins are also in the green today. Cardano leads the way with the most impressive daily surge of 7%.

Bitcoin Tests $30K Again

Bitcoin spent most of the weekend trading around and beneath the $30,000 line before it initiated an impressive leg up on Monday. It took the asset to a multi-day high of just under $32,000.

While the bulls were preparing for another ride north, the bears intercepted the move and did what they had been doing for the past several weeks and pushed BTC south hard.

In a matter of minutes, the cryptocurrency plummeted by almost $3,000 to $29,250 (on Bitstamp). While this was a wild ride on its own, it didn’t stop there as BTC started reclaiming ground fast and found itself surging to $31,500 hours later.

It has retraced since then and currently stands at $30,500. Its market capitalization is up to $580 billion, and its dominance over the alts is at 46.6%.


BTCUSD. Source: TradingView

Important 24-Hour Bitcoin News

PayPal said it had finally enabled users to withdraw BTC and ETH to their personal wallets.

The Canadian digital asset fund manager – 3iQ – launched Bitcoin and Ethereum ETFs in Australia.

Mash, a Bitcoin Lightning network startup, announced raising $6 million to expand its marketing, sales, and engineering teams.

Grayscale continues with its strives to convert its Bitcoin Trust into a spot ETF by hiring a former US Solicitor General.

Cardano Leads the Alts’ Way

The alternative coins experienced similar price fluctuations in the past 24 hours, and most are slightly in the green now.

Ethereum dropped way below $1,800 yesterday but now stands above that level after a 2% increase. BNB, which suffered from reports claiming that the SEC will probe Binance, is up by 3% and trades close to $300.

Ripple, Dogecoin, Tron, Avalanche, and Shiba Inu are also slightly in the green. Cardano has stolen the show once more with a 7% increase. Consequently, ADA sits above $0.6.

The crypto market cap has regained around $50 billion in a day and is now at $1.250 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Daily Altcoin News

After updating its staking roadmap, Chainlink’s LINK soared by 20% at one point to a multi-day high.

Ripple partnered with the crypto payment provider – Lunu – to allow luxury retailers to accept digital assets as a means of payment.

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Cryptocurrency charts by TradingView.