The crypto market has started off the week in an indifferent manner after surging and plummeting at the same time all through the weekend.
Number one cryptocurrency, Bitcoin in the early hours of Monday reclaimed $34,000 after low trading volumes recorded over the weekend. Altcoins also experienced the same as they reclaimed some ground especially BNB exceeding $330 and XRP spiking by 5%.
Altcoins price surge as slow recovery continues across crypto market
Although there has been not much price action with altcoins, they have marked a bit of gain today.
Ethereum had dipped below $2,100, but a 2.5% increase has driven the second-largest crypto well above that particular level. Binance coin marks among the best performing altcoin so far since the weekend with a 5.5% surge.
Consequently, BNB currently stands over $330, it is a surprise how the coin has failed to plunge in the face of multiple crackdowns by numerous regulatory bodies on its developer, Binance Exchange.
Ripple and Uniswap have seen similar increases. As a result, XRP sits above $0.65, while UNI is at $21.
Cardano (2%), Dogecoin (3%), Polkadot (1.5%), Bitcoin Cash (2.5%), Litecoin (3.5%), Solana (2%), and Chainlink (2.5%) are also in the green from the larger-cap altcoins.
Mid and lower-cap altcoins also experienced a cold weekend but have started the week brightly so far. Telcoin leads the way with a 22% surge. Synthetix is close with a 21% pump.
OKB (13%), EOS (12%), UMA (12%), Aave (11%), Huobi Token (11%), Nano (10%), and THORChain (10%) follow.
Ultimately, the cumulative market capitalization of all crypto assets has gained about $50 billion since the weekend when BlocDesk reported the crypto market dipped by over $100 billion.
Bitcoin surges to $34,000 in early week gain
While Bitcoin over the past two weekends, it has continued to surge during the weekend and Mondays only to dip further into the week. the scenario is the same this week. As a result, the trading volume reached multi-month lows, according to data from Bitcoinity.
Similar to its price movement over the past two weekends, the number one crypto recovered from its dump to $32,100 and traded around $33,000 at the start of the weekend.
It initiated a leg up on Saturday, resulting in a jump above $34,000, which was short-lived, though, as another drop to $33,000 followed.
However, the bulls stepped up once more and pushed it north to approximately $34,700 – reached earlier today. This became BTC’s highest price since July 7th.
Despite retracing by a few hundred dollars since then, Bitcoin still trades above $34,000. This comes amid reports that miners have started to accumulate coins again after the recent sell-off.