The crypto market is running at full throttle at the moment. Bitcoin has become more than 8 percent more valuable in the past day, and almost all other cryptocurrencies are adding even more to that. We are even seeing gains of more than 30 percent today.
It’s a madhouse, and this time in the positive sense of the word. In recent months, we have often had to deal with extreme price declines.
BTC Rises 12% in Less Than 2 Days #
The Bitcoin price has risen to $94,000 for the first time since November 17, while it was still changing hands for $87,000 a day ago. On Monday, it even plunged hard to just under $84,000.
From the low point, reached late in the afternoon, the price has already risen by more than $10,000. That is a rise of more than 12 percent.
It was initially questionable whether it would mark a higher low in the charts, but there is no longer any doubt about that. Bitcoin has now also shot past last week’s peak of $93,000.
The upward path is now clearly set, but the key is to hold above the $93,000 level. If that succeeds, analyst Captain Faibik says $98,000 is the next target. In case of a pullback, it could find support around the $91,000 mark.
At the time of writing, the BTC price is at $93,913. Compared to 24 hours ago, BTC is up 7.91 percent.
Bizarre Gains for Other Cryptos #
On the altcoin market, it’s a complete frenzy today. Even the biggest names in the market are seeing their gains skyrocket.
Ethereum has risen 9.85 percent and is now trading for a price of almost $3,100. Ripple and BNB are posting similar gains.
Solana, Dogecoin, and Cardano are adding even more power. Solana is up 12.46 percent, Dogecoin by 11.55 percent, and Cardano by 13.73 percent.
Chainlink, the thirteenth largest coin, has even risen 18.64 percent. Yesterday was a celebratory day with the launch of its very first exchange-traded fund in the United States.
Sui, which sits at number 18, is unstoppable with a gain of 30.04 percent over the past day.