Crypto

Bitcoin is Testing $21K as Ripple Surges 14% in 24h

Bitcoin (BTC) is testing the $21K as most of the altcoins are seeing a huge gains in the past 24 hours

The largest cryptocurrency could manage to remain above the $20K as it surged to reach the $21K, after what the market has seen of volatility. As for the altcoins like NEAR, OKB, AVAX and ATOM, they have also seen impressive gains in the past 24 hours. with the Ripple leading the gains with double-digits gain.

Bitcoin has witnessed a massive correction during the last week, as the correction culminated in an 18-month low at $17,500 on Sunday, and the bulls have been hardly working to recover the lost of the asset.

The bulls attempts did resulted in a good surge to $21,500 few days ago. However, BTC failed at that level and dipped to less than $20K after the Chairman of the Federal Reserve “Jerome Powell” revealed the plans of the central bank to continue raising interest rates in order to fight the high inflation rates.

Furthermore, Bitcoin (BTC) has successfully recovered to its sub-$20,000 level and surged above that level yesterday. The previous 24 hours did actually bring one more step, as the asset currently sits one hair away from the $21K. Thus, BTC’s market cap has neared the $400 billion again but the currency dominance has declined to less than 43%.

According to the CEO of Binance, he believes that the Bitcoin (BTC) will chart a new all-time high at $69K by the end of the day, but this step may require up to 2 years in order to occur.

As for the legendary legacy investor Mark Mobius, he considers the Bitcoin as the leading indicator, which is followed by the Dow Jone and other stock market indices.

Going to the alt coins, most of the alternative coins if not all are still trying to recover from the latest losses they witnessed.

As the second largest cryptocurrency in the market Ethereum (ETH) has been aggressively fighting with the $1,100 line for multiple days but it seems that ETH is above that level by now following a 4.5% daily increase.

BNB has touched a multi-day high at a bit over $230, after the jump of 3.3% in the price in just one day. Other altcoin like, Polkadot, Cardano and Solana are up by almost similar percentage, to $8, $0.5 and $38 respectively.

After announcing yesterday a new Bitcoin (BTC) bring, Avalanche (AVAX) has surged by 9% and almost touched $20.

Nevertheless, Ripple (XRP) token is considered as the most huge gainer from the larger cap altcoins, as it soared by more than 13% and now trades are $0.37.

By the time of writing this article, Bitcoin is trading above the $20K at $21,163.66.

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