BTC Touched $42K, ETH Recorded 10-Day High (Market Watch)

Bitcoin erased all losses from this Monday’s crash and even spiked to a ten-day high above $42,000. Ethereum followed suit with a similar local peak, but on a daily scale, most of the crypto market has calmed. Monero is among the few impressive gainers.

Bitcoin Tapped $42K

Following the relatively calm weekend, in which bitcoin stood primarily around $40,000 without any decisive moves in either direction, the landscape for the asset changed on Monday.

As reported, BTC started to lose value rapidly, broke below the $40,000 barrier, and dumped to a monthly high of around $38,500. However, this is where the bulls stepped up and didn’t allow any further declines.

Just the opposite, bitcoin started to regain value and found itself above the coveted $40,000 line hours later. Moreover, it continued climbing gradually and spiked above $41,000 yesterday.

In the past 24 hours, the cryptocurrency marked another minor milestone by exceeding the January 2021 ATH of $42,000 for the first time since April 11. As of now, it stands just under that level, and its market capitalization has neared $800 billion.

BTCUSD. Source: TradingView

ETH Saw 10-Day High Too

The alternative coins also went through the same volatile start of the week, with notable price dumps on Monday and recovery sessions in the following few days.

Ethereum, for instance, went below $2,900 for the first time in weeks on Monday. However, it quickly bounced off, reclaimed $3,000, and even jumped to nearly $3,200 yesterday, charting its highest price point since April 11.

On a daily scale, most of the alt space seems relatively calm. Binance Coin sits at $420, while Solana, Terra, Cardano, and Polkadot have remained stagnant.

Ripple, Dogecoin, Shiba Inu, and NEAR Protocol have lost the most value in a day, with up to 4% declines.
Monero and Theta are among the few altcoins with impressive daily increases of about 6% each. Consequently, XMR trades above $275, while THETA sits at $3.3.

The crypto market is also quite still standing above $1.9 trillion after dipping below $1.8 trillion earlier this week.

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

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Cryptocurrency charts by TradingView.