Conflux (CFX) Skyrockets 16%, Bitcoin (BTC) Reclaims $27K (Market Watch)

23 May 2023

in DOT

Reading Time: 3 mins read

After slipping to $26,600 on Bitcoin pizza day, the cryptocurrency reversed its trajectory and shot up by almost a grand.

The altcoins are also slightly in the green, with ETH, MATIC, SHIB, TRX, and AVAX jumping by around 3% daily.

BTC Reclaims $27K

The primary cryptocurrency has been stuck in a relatively tight range for the past week or so, which was also acknowledged by Glassnode yesterday. The analytics resource informed that BTC’s 7-day price range had declined to 3.4%, which has happened just a few times in the past three years.

Each time, though, was followed by a massive price move in either direction. As such, Glassnode warned that there might be a lot more volatility coming soon.

As of now, though, the asset remains in this range. Yesterday was Bitcoin pizza day, and BTC dropped to the lower side of the range at $26,600. The bulls intervened at this point and pushed it north, driving it to a multi-day high of almost $27,400.

Despite failing to continue further, BTC still trades above $27,000 as of now. Its market cap has neared $530 billion, while its dominance over the alts stands at the same position – 46.4%.

BTCUSD. Source: TradingView

ETH Defends $1.8K

Similar to bitcoin, ETH also saw little-to-no movements in the past several days but was gradually losing ground. As such, it was close to breaking below $1,800. However, a 2.5% increase in the past 24 hours has prevented such a development, and the second-largest digital asset currently trades at $1,850.

Similar price jumps are evident from Polygon, Shiba Inu, Tron, and Avalanche from the larger-cap alts. BNB, ADA, DOGE, SOL, LTC, and DOT are also in the green, albeit in a more modest fashion.

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The most impressive price increases on a daily scale come from the likes of Conflux (16%), KAVA (14%), and Render Token (11%).

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Overall, the total crypto market cap has regained around $20 billion in a day and stands at $1.140 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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