Arbitrum (ARB) Soars 10%, Bitcoin (BTC) Eyes $29K: Market Watch

30 March 2023

in HBAR

Reading Time: 3 mins read

Bitcoin’s recent price dip seems to be short-lived, as the asset spiked to and beyond $29,000 earlier today.

Most altcoins are with minor losses today, with XRP finally halting its massive rally by charting a 5.5% daily drop.

Bitcoin Eyes $29K

The primary cryptocurrency was on a notable roll lately before the US CFTC’s lawsuit against Binance, and Changpeng Zhao directly paused it. As a result, the asset fell from over $28,000 to under $26,500 in a matter of hours on Monday.

However, this price dip didn’t last long, and BTC started regaining value in the following days. It spiked to above $28,000 yesterday and even initiated another leg-up that drove it to just above $29,000 earlier today.

Nevertheless, the bears stepped up at this point and didn’t allow any further price increases. Just the opposite, BTC has returned below $29,000 as of now, but it still stands slightly in the green on a daily scale.

As such, its market capitalization has remained inches above $550 billion, while its dominance over the altcoins keeps rising and currently sits at 46.6%.

BTCUSD. Source: TradingView

ARB Back in Green

One of the most anticipated airdrops in the crypto community took place last week when Arbitrum distributed its brand-new native token – ARB. Naturally, the asset faced extreme volatility in its first few days of trading before settling around $1.3. However, a 10% surge on a daily scale has pushed it to over $1.4 as of now, making it one of the best performers now.

HBAR and ALGO are the other two impressive gainers from the mid-cap alts. In contrast, the landscape with the larger caps seems a lot different. Ripple’s XRP, which soared by over 60% at one point in the past week, is now down by 5.5%. Yet, the asset still trades above $0.5.

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Ethereum, Binance Coin, Cardano, Dogecoin, MATIC, Solana, Polkadot, Litecoin, and Shiba Inu are also well in the red now.

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The total crypto market cap has slipped below $1.2 trillion after losing just over $15 billion daily.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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