Bitcoin’s positive price movements that started on Sunday evening continued in the following hours, and the asset tapped $87,600 for the first time since March 7.
The altcoins have followed suit, led by AVAX’s impressive surge. In contrast, Pi Network’s PI token continues to bleed out.
BTC Reclaims $87K
The previous business week was quite eventful in terms of news, but not so much when it comes down to BTC price movements. The most volatile day turned out to be Wednesday, which was expected to an extent as the US Fed concluded its second meeting for the year. Although it refused to change the interest rates, bitcoin went on the move by going up and down by a few grand within hours.
The fluctuations were also influenced by the statement from Ripple’s CEO, Brad Garlinghouse, that the SEC would drop its lawsuit against his company. BTC flew to $87,500 during the Thursday morning Asian trading session but was quickly halted and pushed south by several grand.
Nevertheless, it recovered most of the lost ground and returned to $84,000, where it spent most of the weekend. It went on the offensive late last night but kept climbing earlier today and surpassed $87,000. It even briefly tapped $87,600 (on Bitstamp) for the first time in over two weeks.
Although it has retraced slightly since then, BTC still trades above $87,000. Its market cap has jumped to $1.730 trillion on CG, while its dominance over the alts is up to 58.5%.
AVAX Runs Wild
As mentioned above, most alts are well in the green today. Ethereum is close to $2,100 after a 3.5% daily surge, XRP has surpassed $2.45 following a similar increase, while SOL, LINK, and SUI have marked gains of somewhere between 5-7%.
Avalanche has stolen the show, though, charting a substantial 12% surge in the past day. As a result, AVAX has neared $22 for the first time in weeks.
In contrast, PI continues to bleed out, dumping by another 6% in the past 24 hours to well below $1.
The total crypto market cap has added around $80 billion since yesterday and is up to $2.960 trillion on CG.
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