Massive Double-Digit Gains From These Alts as BTC Returns to $80K: Weekend Watch
Bitcoin’s price slide below $80,000 didn’t last long, as the asset reclaimed that level yesterday following US President Trump’s announcement of a three-day ceasefire between Ukraine and Russia.
Many altcoins have produced a lot more impressive gains today, led by ONDO, SIREN, JUP, ICP, and VVV.
BTC Taps $80K Again
Bitcoin’s late April/early May rally began at the end of the previous month when it had dipped to $75,000 following the latest FOMC meeting in which the Fed maintained the interest rates unchanged. In the following week, the cryptocurrency added roughly $8,000 to chart a three-month peak at $82,800.
Following such an impressive run in relatively unstable market conditions, many analysts warned that BTC could be due for a correction as the environment didn’t appear solid enough. This retracement transpired on Thursday and especially on Friday, when the asset fell to $79,100, thus dropping by almost $4,000 from its local peak.
Nevertheless, it rebounded swiftly, perhaps due to positive developments in the Ukraine/Russia war, where US President Donald Trump announced a three-day ceasefire.
This means that its market capitalization has returned to just over $1.6 trillion on CG, while its dominance over the alts has been reduced to 58.1%.
BTCUSD May 8. Source: TradingView
Alts Rocket
Essentially, all alts have posted some gains today. Ethereum has reclaimed $2,300 after a minor increase, while XRP and BNB continue to fight for the fourth spot in terms of market cap. XRP has taken a slight lead after a 3% daily jump. SOL, ADA, LINK, and CC have jumped by 5-8%, while ZEC is up by 10% to $630. SUI, UNI, and NEAR are also well in the green.
Even more impressive gains come from ONDO (25%), JUP (24%), ICP (20%), SIREN (19%), FIL (16%), VVV (15%), and ARB (13%).
The cumulative market cap of all crypto assets has added more than $40 billion since yesterday’s low and is up to $2.780 trillion on CG.
Cryptocurrency Market Overview May 9. Source QuantifyCrypto
The post Massive Double-Digit Gains From These Alts as BTC Returns to $80K: Weekend Watch appeared first on CryptoPotato.
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