Bitcoin continues to trade in a tight range around $21,000 following increased volatility yesterday, with the asset only inches away from that line.
Most altcoins are slightly in the green today, with XMR and Apecoin being the best performers of the largest caps. NEXO is up double digits from the smaller-cap alts after the recent deal between the crypto lender and US authorities.
Bitcoin Challenges $21K
Bitcoin’s 2023 started on a positive note, following a violent 2022, with the cryptocurrency finally rallying to $17,000 after weeks of struggling below that level.
This turned out to be the breakout moment the asset needed as it went live over the next few days. This resulted in a skyrocketing surge above $21,000 last Saturday for the first time in roughly two months.
After a relatively quiet break over the weekend, BTC was back on the offensive at the start of the business week. This worked out to more than $21,600 to make its highest price since September.
The bears intercepted the move and pushed Bitcoin south by several hundred dollars. Since then, BTC has been unable to decisively break above $21,000 once again and is currently inches away from that. However, there are now multiple signals on the chain that suggest the start of a new bull market.
BTC’s market cap has remained above $400 billion, with its dominance over alts holding firm at 41.4%.
NEXO pumped hard
One of the largest cryptocurrency lenders, Nexo, which has been in the news frequently lately, has settled with the SEC and NASAA, agreeing to pay $45 million in penalties for violating local securities laws. Interestingly, this had a positive effect on the native token price, which was up 12% in the last 24 hours.
XMR, HBAR and APE are next in terms of daily gains, all of which have added 7.5%.
Larger-cap altcoins are quieter, but most are still in the green. Ethereum is back at $1,550 after a 1.5% daily rise. Ripple, Cardano, Polygon, OKB, Polkadot, Shiba Inu, Litecoin, and Tron have increased by 1-3%.
Binance Coin, which recently went through its 22nd scheduled token burn, is among the few alternatives in the red.
The cumulative market capitalization of all crypto assets has added $10 billion daily and is up to $975 billion on CMC.
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