Bitcoin price recovery attempts continue with the asset aiming to overcome $38,000

Bitcoin price recovery efforts continue with a target above $38,000. Most of the altcoins have made more significant gains since yesterday. Ethereum is up 5%, while Solana is up 6%. At the time of writing, BTC is changing hands at $37,694.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price eyes $38,000, and SOL spikes 8%

Green dominated the market today as Bitcoin closed at $38,000, and SOL was close to $100.

Since Bitcoin failed to break above $39,000 on Wednesday, when the Federal Reserve said it would raise interest rates in March, the asset has not shown any noticeable gains. It fell to $35,500 after the Fed meeting and was stopped when it tried to break out. However, after the second drop to the aforementioned local bottom, the situation changed.

This time, BTC spiked above $37,000, fell again below that line, and continued to attack over the past 24 hours. The asset is close to $38,000, and its market capitalization has regained the $700 billion mark.

Altcoins have suffered over the past few weeks, but today’s overall landscape is significantly more positive. Ethereum, which struggled to stay above $2,000 last week, is now trading above $2,550. This comes after an impressive 7% gain from the second-largest cryptocurrency.

Solana and Avalanche are among the top 10 biggest digital assets performers. SOL is up 8%, while AVAX is up 9%.

The cumulative market capitalization of all crypto assets grew by around $50 billion in a single day to just over $1.713 trillion.

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