Cryptos Make Comeback As Altcoins Add $100B In 24 Hours, Bitcoin Shows Strength At $44,000

The overall market cap of cryptocurrencies increased by 5.41% over the last 24 hours to $1.98 trillion.

What Happened: After a market-wide decline in crypto prices took effect after fears relating to the Evergrande debt crisis in China began to unfold, digital assets regained momentum on Thursday.

Bitcoin BTC/USD was back above $44,100, gaining 4% in the last day, while Ethereum ETH/USD traded at $3,100, gaining 6% over the same period.

Meanwhile, altcoins alone added $100 billion to the crypto market cap over the last 24 hours. Leading the altcoin rally were Arweave AR/USD, Terra LUNA/USD, Cosmos ATOM/USD and Avalanche AVAX/USD — all of which recorded 20% gains. 

Solana SOL/USD, a new institutional favorite, gained 10% and was trading at a price of $144. 

Polkadot DOT/USD and Dogecoin DOGE/USD gained 8% and 5.4%, respectively. 

According to a Twitter update from crypto trader Dom’s Crypto, Bitcoin has confirmed the support level at $43,000 and is looking to break through the next level at $44,250 very soon.

The trader expects significant resistance to kick in at the $45,800 level given that it is the same level as the 50-day moving average.

Photo: André François McKenzie on Unsplash.