After experiencing a major plunge in the last week of September, the crypto market now seems to have switched into a recovery mode. Bitcoin leads the way as it has moved above $8,400 triggering a strong rally among all the altcoins.
The cumulative market capitalization of the digital assets in circulation surged to $224.9 billion from $216 billion on September 30. In average the daily trading volume spiked to $63 billion from $49 billion the day before. Notably, Bitcoin’s market dominance retreated to 67.5% suggesting that the altcoins are also on the road to recovery.
Top 3 Crypto Performance
Bitcoin has gained around 7% on a day-to-day basis against the dollar and 2% since the beginning of the day due to growing bullish sentiments. The flagship digital currency staged a formidable comeback above the critical $8,000 level. In that context, it attracted new short-term buyers to the market.
At the time of writing, Bitcoin is trading at around $8,400 and the coin has already touched an intraday high above the $8,500 mark. However, it failed to sustain momentum to surpass a strong technical barrier located in that region.
Ethereum, which is the second-largest virtual token with a market capitalization of $19.65 billion pulverized multiple resistance levels and settled above $180. In the past 24 hours, the coin has gained more than 8% ranking among the best performing altcoins in the top ten. Ethereum touched an intraday high of $186 in the early Asian hours before dropping to around $182.23 currently.
Ripple’s XRP has also been a strong mover in the past 24 hours. The coin flirted with $0.2600 on September 30 evening amid strong buying interest. That interest potentially grew due to new Ripple’s new partnership with crypto trading firm Algrim.
The third biggest digital asset has a market value of $11 billion. It has gained over 6% in the past 24 hours. At the time of writing, it is trading at $0.2562.