After a few days of consecutive declines, Bitcoin has finally reversed its price action and reached the $43,000 mark.
Most altcoins are also well in the green today, with SOL reclaiming $100, ADA and AVAX up 4-5%, and LINK exploding 16%.
BTC back to $43,000
The major cryptocurrency went on the offensive after hitting its local bottom last Thursday when it plummeted to $38,500. It quickly returned to $40,000 and continued to climb to $42,000 over the weekend.
After a short break, the asset regained momentum at the start of the current business week. This culminated in the price rising to $43,750 on a number of occasions, including one such attempt recorded on Wednesday.
However, this was short-lived and BTC quickly fell back by almost two grand. This came as part of the US Federal Reserve's recent monetary policy announcement. Nevertheless, BTC did not stay down for long and rose to over $43,000 hours ago.
Currently, the cryptocurrency is trading around this level, with a daily increase of 2%. Its market cap has risen to over $840 billion while its dominance over alts on CMC stands at 51.1%.
BTCUSD. Source: TradingView
LINK steals the show
Most altcoins fell yesterday but are back in the green today. Ethereum and Binance Coin have surged above $2,300 and $300 respectively after a similar 2% rise. Solana has returned to $100 after a remarkable 5.5% daily increase.
AVAX and ADA have gained similar percentages, followed by Tron, Polkadot, Polygon and others. Chainlink stole the show with a massive 16% increase. As a result, LINK is now trading at around $18. Companies like ICP and IMX are making more impressive gains.
The cumulative market capitalization of all crypto assets increased by $30 billion overnight and is back at $1.650 trillion at CMC.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.
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