The past 24 hours in the crypto market has been for Polkadot (DOT) as the altcoin surged by almost 10% tapping its all-time high price which it visited last in May.
The number one cryptocurrency, Bitcoin, however, has seen extreme volatility in that time frame as it finally settles at $46,000 region. After Polkadot, Solana also charted impressive gains in the past 24 hours in the altcoin market.
SOL surged by 8% as it hastily moves to displace XRP as the number 6 cryptocurrency.
Bitcoin blows hot and cold in past 24 hours
Since last week when Bitcoin dropped by $10,000 to a multi-day low of $43,000 it has attempted to regain its leg up to $45,000 and $50,000 but rejected severally. It was difficult for BTC to break the $45,000 resistance line. The crypto settled below the level where it traded for a while.
On Monday, however, the tide turned for Bitcoin after news that Walmart has partnered with Litecoin to allow its customers to make purchases via the asset. Bitcoin and the entire crypto market reacted immediately with BTC surging from $44,500 to a daily high of just under $47,000.
When the Walmart news was debunked and found out to be fake, BTC declined again.It lost over $3,000 in hours as it bottomed to $43,400. However, it has managed to regain some ground bouncing off $45,000 in hours, and has increased to $46,000 as of press time.
Its market capitalization has risen to over $850 billion while the dominance over altcoins remains at 41.5%
Polkadot leads in green altcoin market
Just like how BTC was wild on volatility on Monday, the altcoin market saw the same movement.
Ethereum for instance went from $3,200 to $3,400 and dumped all the way down to $3,100. Now, ETH has added roughly $200 of value and stands above $3,300.
Cardano, Binance Coin, Ripple, and Terra are up by a similar percentage (around 3%). Litecoin, the main player of yesterday’s story, is also up daily by 4.5% as it trades at $180 on a 24-hour scale.
Avalanche, Solana, and Polkadot are the best performers from the larger-cap altcoins. AVAX has increased by 7%, SOL by 8%, and DOT by more than 9%.
Mid/lower-cap altcoins saw more impressive gains with Celo (25%), Synthetix (25%), Mina (24%), Hedera Hashgraph (22%), Perpetual Protocol (21%), ICON (20%), Cosmos (16%), Telcoin (15%), and Tezos (15%).
Ultimately, the cumulative market cap of the crypto market has seen a 4% rise to $2.2 Trillion after dumping to $2 trillion on Monday according to CoinGecko.