ICP surged the most from the large-cap stocks, rising 6% to $4.
Bitcoin plunged to a multi-month low yesterday, but positive news from the world's largest asset manager pushed it up significantly.
Most altcoins also turned green today, with ADA, LTC, DOGE, and SHIB recovering 2-4%.
$26K in BTC’s Eyes
The price of the major cryptocurrency fell sharply from nearly $27,000 to below $26,000 last Friday. The weekend was slightly more positive and less volatile as the asset recovered some value and remained around $26,000.
Wednesday’s US CPI data didn’t really change the landscape, with BTC rising and falling by hundreds of dollars in an hour. However, the Fed’s decision to pause rate hikes did change the landscape.
Instead of heading north as some experts believed, Bitcoin plunged from $26,000 to a three-month low of less than $25,000 set yesterday, pushing the fear and green index back into fear. The asset’s price finally got some relief after BlackRock filed paperwork for a U.S. Bitcoin spot ETF. Given the importance of such a massive company backing a BTC spot ETF, the cryptocurrency surged past $26,000.
However, it has been unable to break through this level and has retraced hundreds of dollars. Its market capitalization remains just below $500 billion, but its dominance over altcoins has increased to nearly 48%.
See also Small Gains
Altcoins also suffered a lot of losses yesterday, but most of them are seeing some minor gains on the daily chart. Ethereum fell below $1,650 a day ago, which was also a multi-month low for the asset. However, a 2% gain since then has pushed it to its current price of $1,675.
Ripple, Dogecoin, Shiba Inu, and Avalanche have seen similar gains since yesterday. Litecoin is up 3.5% and is currently trading at $75.
Binance Coin, Ripple, Solana and Polkadot also moved higher among the broader alts, albeit with more modest gains.
Lido DAO’s native token, as well as ICP, saw the biggest gains from the top 36. LDO gained 4%, while ICP gained 5.5%, trading near $4.
Since yesterday’s lows, the cryptocurrency market cap has recovered around $20 billion and now stands at $1.040 trillion.
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