Bitcoin reminded of its enhanced volatility in the past day or so after a massive price slump to just over $34,000 and just as fast recovery to above $38,000. Most altcoins are also well in the green on a daily scale after the substantial retracements yesterday.
Bitcoin’s Wild Ride
The no boring days in crypto narrative received further validation in the past few days. Bitcoin, for one, challenged $39,000 on Tuesday and early Wednesday before it started to lose value gradually.
The decline, though, intensified as Russia launched a “special military operation” against Ukraine, which many view as a full-scale invasion. As reported yesterday, this led to an immediate price reaction from BTC, and the cryptocurrency plummeted by several thousand dollars to a daily bottom of just over $34,000.
This became the asset’s lowest price position since late January and skyrocketed the liquidations to almost $500 million.
Since then, though, and after US President Joe Biden reassured that the country will not take part in the conflict directly, the primary digital asset went on the offensive.
In a matter of hours, BTC exploded by over $5,000 and even neared $40,000 before it retraced to its current level of around $38,000. As of now, bitcoin is up by approximately 6.5% on the day, and its market cap has reclaimed $700 billion.
LUNA Leads Altcoins’ Recovery
As it typically happens, the alternative coins experienced even more severe price drops yesterday, but most are well in the green today.
Ethereum dumped all the way down to $2,200, but it has recovered to around $2,600 as of writing these lines.
Binance Coin (6%), Ripple (6.5%), Solana (6%), Cardano (7%), Avalanche (7%), Polkadot (10%), Dogecoin (6.5%), and Shiba Inu (6%) are also well in the green now.
Terra has stolen the show in the larger-cap altcoins space with a massive 22% surge. Consequently, LUNA now trades at $65.
The crypto market cap is up by about $140 billion since yesterday’s low and is close to $1.7 trillion.
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