Bitcoin Consolidates Amid $48K: Terra (LUNA) Soars 20% to New ATH (Weekend Watch)

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Following the past few days of marking gains, bitcoin has calmed a bit around the $48,000 mark. Some alternative coins have kept climbing, though, with Solana surging 8% and Terra jumping to a new all-time high after a 20% daily increase.

LUNA Marks New ATH: Sol 8% Up

The alternative coins have been on a roll in the past few days after the mid-week price drops. Ethereum had dipped to $2,900 following the latest Chinese Fud. However, ETH has reclaimed more than $500 since then and currently stands at a multi-week high of over $3,400.

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Cardano also fell hard and was close to breaking below $2. Now, though, ADA stands at nearly $2.3. Binance Coin has reclaimed $430 after another 4% daily increase. Minor gains are evident from Ripple, Polkadot, Dogecoin, and Uniswap.

Solana has resumed its bull run as of late with an 8% surge to above $170. Nevertheless, Terra is the most significant gainer from the larger-cap alts with a massive 20% jump. Consequently, LUNA marked a new all-time high just a few hours ago at over $45.

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

More gains come from OMG Network (36%), Arweave (20%), Qtum (16%), ICON (16%), Tezos (15%), Hedera Hashgraph (11%), Serum (11%), and IOTA (10%).

The cryptocurrency market cap has neared $2.150 trillion. As such, the metric is up by more than $300 billion since Friday’s low.

Bitcoin Calms at $48K

The primary cryptocurrency actually led the recovery session since Thursday. Its price had dropped below $41,000 for the third time in just a week when the situation changed upon promising news from the US.

Once Fed Chair Jerome Powell said the world’s largest country by nominal GDP has no intentions to follow China’s path and ban digital assets, bitcoin started to climb rapidly.

It reclaimed $43,000 on the same day and kept charting new weekly highs above $45,000 and $47,000. It pushed above $48,000 yesterday as well, where it was initially rejected and dipped back to $47,000.

Now, though, it has bounced off and currently stands around $48,000, and its market capitalization is just over $900 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView


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