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

Bitcoin’s latest price drop appears to be short-lived, as the asset rallied to and beyond $29,000 earlier today.

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

Bitcoin Eyes $29K

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

However, this price drop did not last long and BTC began to regain value in the following days. It surged to over $28,000 yesterday and even started a new leg that took it to just over $29,000 earlier today.

Nevertheless, the bears went up at this point and did not allow any further price increases. On the contrary, BTC has returned below $29,000 as of now, but it is still slightly in the green on a daily scale.

As such, its market cap has remained inches above $550 billion, while its dominance over altcoins continues to increase and currently stands at 46.6%.

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 the first few days of trading before settling around $1.3. However, a 10% increase on a daily scale has pushed it over $1.4 as of now, making it one of the best now.

HBAR and ALGO are the other two impressive winners from the midcap alts. In contrast, the landscape with the larger hoods looks much different. Ripple’s XRP, which was up over 60% at one point in the past week, is now down 5.5%. Nevertheless, the asset is still trading above $0.5.

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

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