Bitcoin Reclaimed $40K As The Altcoin Market Makes Major Gains

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Bitcoin reclaimed $40K price range as the entire market made some major gains today after the rocky start of the year so let’s read further in our latest Bitcoin news.

Bitcoin reclaimed $40K after a rough start of the year and the biggest cryptocurrency by market cap increased 8% in the past day as per CoinGecko estimates. The asset got off to a bad start this year and crashed to levels not seen since six months ago. The coin looks like it could make a slow recovery despite being down over 40% from the all-time high of $69,044 and touched in November.

Ethereum as the second biggest crypto by market cap is also increased and at the time of writing, it was trading above $2,900 with an 11% increase in 24 hours. It is also below 41% from its $4878 all-time high reached a few months ago. Altcoins are moving up as well. Solana increased in value and neared $110 at the time of writing marking an 11% increase in the past 24 hours. Solana is also up by 22% in the past week. The so-called memecoin market is faring well as well. DOGE initially increase by 4% in the past day and traded at $0.15 while Shiba Inu which is another asset based on the same DOGE-meme, increased by 6%.

After touching a ten-day high above $39,000, BTC started moving downwards and dipped below $37,000 with the altcoins all retracing and Solana being the biggest user after an exploit of the Wormhole network bridge as it lost $320 million worth of ETH. The past few days were actually quite well for the biggest cryptocurrency after dropping to $36,500, the asset changed trajectory and started gaining value.

btc daily — BTC 24-hour Price Chart (Source: Coingecko)

This resulted in pushing above $38,000 and a few consecutive attempts to challenge $39,000 right the latest one coming in a brief push above this level that became the highest price tag in about 10 days. However, BTC stalled for the next 12 hours and after being unable to challenge $39,000 once again as the bears stepped up and boost the crypto south but this time, BTC dropped below $36,500 once again. It managed to recover a few hundred dollars and now sits around $37,000 so as such, the market cap is slowly preparing to break below $700 billion.

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Time Stamp: February 4, 2022