Solana And Avalanche Make Big Gains As Bitcoin Recovers $40,000

Alex Dovbnya

Cryptocurrency Market Is Upside Down as Bitcoin Finally Reclaims $40,000 Level

Solana (SOL) and Avalanche (AVAX) are up about 12% in the past 24 hours, according to data from CoinMarketCap.

The two cryptocurrencies mentioned above are currently outperforming the rest of the market.

Ethereum is also up 11% and closer to the $3,000 level.

In the meantime, Bitcoin, the flagship cryptocurrency, has managed to regain the $40,000 level for the first time since January 21, rising 9% to reach an intraday high of $40,450 on the Bitstamp exchange. reach.

The cumulative value of the cryptocurrency market currently stands at $1.8 trillion.

Cryptocurrency traders have seen $122 million in liquidations in the past four hours, with shorts accounting for 85% of the destruction.

Fundstrat attributes the rally to short liquidations:

Much of the momentum is likely due to $160 million in combined short liquidations for BTC and ETH over the past 24 hours.”

The crypto king has launched a sharp recovery after falling earlier in the day due to unexpectedly strong US jobs data.

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According to the Labor Department, US workers created 467,000 jobs in January, well above analysts’ estimates. The strength of the economy is likely to encourage the Federal Reserve to become even more aggressive in the near future.

Market observers expect central banks to raise interest rates at least six times this year.

On January 24, the bellwether coin plunged to just $32,950 amid a brutal sell-off, with the Fed’s aggressive U-turn seen as the main culprit behind the crash.

While Bitcoin and Ethereum have managed to offset some losses, they are still about 40% lower than their respective longevity peaks.

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