The recent dip in Bitcoin’s price seems to be short-lived, as the primary cryptocurrency spiked to and beyond $29,000 in the early hours of today.

The asset has been on a notable roll lately before the US CFTC’s lawsuit against Binance, and Changpeng Zhao affected it negatively. As a result of that, Bitcoin’s price tanked down within a few hours from over $28,000 to under $26,500 on Monday.

However, the dip in price did not last long as BTC started to regain its value in the days that followed. Yesterday, it traded above $28,000 and, earlier today, initiated another movement in price that drove it to just above $29,000.

Anyways, at this point, the bears stepped up and stood strongly thereby disallowing any further rallies in price. BTC has now returned to trading below $29,000 as of now, stands slightly in the green on a daily scale.

The market capitalization of BTC has remained a few inches above $550 billion as a result of that, although its dominance over the altcoins currently sits at 46.6% and keeps rising.

Image Source: Trading View

ARB SOARS 10%

When Arbitrum distributed its brand-new native token – ARB last week, it was one of the most anticipated airdrops in the crypto space. As expected, the asset was subject to extreme volatility in its first few days of trading before it settled at $1.3. However, it surged by 10% on a daily scale which pushed it to over $1.4, making it one of the best performers at the moment.

Other mid-cap alts with impressive performances are ALGO and HBAR. However, the larger caps seem to perform in contrast by a huge difference. Ripple’s XRP, which at one point in the past week surged by over 60%, is now down by 5.5%. Regardless of that, the asset is still trading above $0.5.

Ethereum, Binance Coin, Dogecoin, Solana, Cardano, Polkadot, Litecoin, MATIC, and Shiba Inu are also well in the red at the moment.
The total crypto market capitalization has dropped and is now slightly below $1.2 trillion after losing just over $15 billion daily.

Image Source: Quantify Crypto

Featured Image Source: The Cryptonomist