Bitcoin Neared $47K as Crypto Market Cap Gains $90 Billion in a Day (Market Watch)

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The crypto market cap is up by roughly $90 billion in a day as bitcoin tapped another three-month high of just under $47,000.

The recent enhanced volatility in the cryptocurrency market continued in the past 24 hours after BTC reached a multi-month high of nearly $47,000. The alternative coins have also recovered from yesterday’s crash, with ETH regaining $3,100, while UNI and LTC have surged by double-digits.

Bitcoin Came Close to $47K

Upon frequently emerging news from the US as the country continues its attempts to tax the digital asset industry, the price of bitcoin has gone through a roller-coaster in the past several days.

It went on a roll during the weekend from under $38,000 to a high above $44,000 but retraced slightly on Monday as the Congress vote was supposed to take place. As such, BTC dipped below $43,000.

However, the asset initiated another leg up after this drop and touched $46,500. Minutes later, though, it fell to beneath $45,000. Again, minutes later, it surged to above $46,700, which became the highest price tag since the mid-May crash.

As of now, it has calmed slightly and currently stands around $46,000. Its dominance over the altcoins has remained rather similar, above 46%, but its market capitalization is well up to north of $850 billion.

BTCUSD. Source: TradingView

Altcoins See Nothing But Green

The alternative coins went through a severe correction yesterday but have reversed the trend since then. On a 24-hour scale, Ethereum is among the best performers. It dropped from a multi-month high of its own at $3,200 to just over $2,900 in a day, but it has bounced off rather nicely and currently stands at $3,150.

Binance Coin (4%) has also reclaimed some ground and is now at $355. Cardano (4%) has neared $1.5, Ripple (3%) stands above $0.80, while Dogecoin, Polkadot, Bitcoin Cash, Solana, and Chainlink have marked similar gains of approximately 5-6%.

Uniswap and Litecoin have surged the most from the larger-cap alts with just over 10%. As a result, UNI has neared $30, while LTC trades at $165.

Cryptocurrency Market Overview. Source: Quantify Crypto

Ravencoin leads the trend in terms of most gains in a day. RVN has exploded by 40% and has exceeded $0.13. ICP (20%), Harmony (17%), Voyager Token (15%), Elrond (12%), Avalanche (12%), SushiSwap (11.5%), Telcoin (11%), and FTX Token (10%) are next.

Ultimately, the cumulative market capitalization has added just under $100 billion since yesterday’s low and has gone up to $1.860 trillion.

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