SOLANA AND AVALANCHE LEAD ALTCOIN RECOVERY AS BITCOIN HITS $40K 

Over the last 24 hours, several altcoins, notably SOL, AVAX, and DOT, have displayed remarkable gains.

BTC had recently fallen below the $39,000 mark, hitting a multi-week low. However, it has since rebounded and is currently approaching the $40,000 level.

The total cryptocurrency market capitalization has seen a recovery of over $30 billion from yesterday’s low, thanks to impressive performances by various altcoins.

Bitcoin’s Return to $40K

Following the frenzy surrounding the approval of 11 spot Bitcoin ETFs in the United States, the primary cryptocurrency had stabilized at around $43,000 for approximately a week. However, this changed over the weekend when BTC began a gradual decline, ultimately dropping to $40,000 on Monday.

This decline continued, with Bitcoin hitting a 7-week low of $38,500. It had shed over $10,000 since its peak of $49,000 on January 11, the day the ETFs were listed on US exchanges.

Bulls eventually stepped in after this multi-week low, pushing BTC back up. It has since recovered over $1,000 and is now trading at approximately $40,000.

Bitcoin’s market capitalization has also risen to $785 billion, and its dominance over the altcoins has increased by approximately 1% over the past week to 50.4% on CoinMarketCap.

SOL, AVAX, and DOT Lead Altcoin Gains

While most alternative coins experienced significant declines recently, the situation has improved today. Notably, SOL has surged by over 8% and is trading above $85. AVAX has recorded double-digit gains, reaching $30. Polkadot has gained 7%, while ICP, SHIB, and ATOM are also in positive territory with gains ranging from 5% to 8%.

Many lower- and mid-cap altcoins have displayed even more impressive gains, including APT (11%), TIA (14%), STX (15%), and INJ (10%).

Consequently, the combined market capitalization of all cryptocurrencies has risen by over $30 billion since yesterday’s low, reaching $1.560 trillion on CoinMarketCap.

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