Bitcoin Taps $38K: Ethereum Marks a Two-Week High Above $2.8K (Market Watch)

After dipping to a weekly low at $36,300, bitcoin started to recover some value and now sits around $38,000. The altcoins are also in a significantly more positive situation today, led by Ethereum’s impressive increase that pushed ETH to a two-week high above $2,800.

Altcoins See Green: ETH at a 2-Week High

The bears had complete control over the market yesterday, with almost all altcoins bleeding out. Ethereum, for example, dipped to $2,600 after failing to overcome $2,800 a day earlier.

Now, though, ETH is among the best performers on a daily scale. The second-largest crypto has jumped by roughly 6% since yesterday and sits above $2,800. This is the highest price tag ETH has seen since January 21st.

Solana, which dropped by 10% yesterday after a hack on a Solana-based bridge, is up by 7%. Consequently, SOL has reclaimed $100.

Binance Coin, Cardano, Ripple, Polkadot, Terra, Dogecoin, Avalanche, Shiba Inu, and MATIC are also slightly in the green.

More significant gains come from NEO (11%), Cosmos (10%), Hedera (10%), Kusama (10%), IOTA (9%), NEXO (9%), Convex Finance (9%), and others.

The crypto market cap has increased by about $70 billion, but it’s still below $1.7 trillion.

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

Bitcoin Touched $38K

The primary cryptocurrency also suffered yesterday after a few days of marking gains. The asset touched its highest price tag in ten days on February 2nd at above $39,000, but the bears intercepted the move and pushed it south.

As reported yesterday, though, the landscape had changed. BTC dumped by a few thousand dollars and went to a weekly low of $36,300. However, it reacted well to this drop and started to reclaim value almost immediately.

In the following hours, bitcoin spiked to $38,000 where it’s currently situated, and its market capitalization has remained above $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.