Bitcoin, the largest cryptocurrency by market capitalization, crossed the US$40,000-mark on Wednesday morning Asia time after a sudden surge before returning to its pre-surge price in less than two hours.
See related article: Bitcoin leads market-wide downturn as Russia fears rise
- Bitcoin’s price has remained steady for the past five days, and its sudden surge on Wednesday morning was one of the only notable price actions for the volatile asset in this timeframe.
- Bitcoin has since dropped back to US$39,065, which is a lower trading price than the cryptocurrency’s sudden surge.
- Excluding stablecoins and Waves, all top 50 cryptocurrencies ranked by CoinGecko mirrored Bitcoin’s sudden price action in this two-hour window.
- Waves is a Web 3.0 development toolset, and its crypto was trading at US$30.39 at press time, up 16.5% in the past 24 hours, which is second only to The Graph’s 22%.
See related article: Is Bitcoin really a hedge against inflation?