BTC Touches $42K While ETH Recorded A 10-Day High: Analysis

BTC touches $42K on the day while ETH recorded a 10-day high above $3150 as we can see in our latest cryptocurrency news today.

Bitcoin erased the losses from the start of the week and spiked to a ten-day high as well above $42,000. Ethereum followed suit in a similar move but on a daily scale, most of the market calmed down and Monero is still among the few impressive gainers. Following the calm weekend, where BTC stood around $40,000 without any decisive moves in either direction, the landscape changed eventually. BTC touches $42K while ETH recorded a 10-day high but BTC did break below the $40K and dumped a monthly high of around $38,500 however this is where the bulls stepped up.

BTCUSD. Source TradingView

Bitcoin also started regaining value and found itself above the $40,000 price line hours later but then it continued to increase slowly and spiked above $41,000. In the past day, the crypto market made another milestone by surpassing the January 2021 ATH of $42,000 but as of now, it stands under the level and its market cap neared $800 billion. The alternative coins went through the same volatility at the start of hte week with some notable price dumps being made on Monday and recovery sessions in the next few days.

Ethereum went below $2,900 but it then bounced off and reclaimed the $3000 price point. It even surpassed this level and charted the highest price point since April 11. On a daily scale, most of the altcoins seem calm. Binance Coin for exampel sits at $420 while Cardano, DOT, and Terra remained stagnant. Ripple, NEAR, SHIB and DOGE all lost some value while Monero and Theta are among the few that made some impressive gains of about 6% each. XMR trades above $275 and THETA sits near $3.3. The crypto market is quite still and stands above $1.9 trillion after dropping below the $1.8 trillion earlier this week.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, The Luna Foundation Guard bought 2508 BTC worth around $100 million and has a plan to amass $10 billion worth. The LFG is a nonprofit organization responsible for building the reserves that back the Terra pegged stablecoin TerraUSD. About $17 billion worth of crypto has been issued so far and became the 14th biggest digital asset by market cap. The entity’s former reserve model backed the stablecoin sign a protocol native crypto LUNA which is now the ninth-biggest at present.

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Author: Stefan