Bitcoin Reclaims $34K: Cardano Spikes 7% Following Grayscale News (Market Watch)

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Although most previous weekends started with adverse price movements for bitcoin, this time, BTC added more than a grand and reclaimed $34,000. Most altcoins have also reclaimed some ground since yesterday, with Cardano (ADA) rising 7% after news from Grayscale.

Bitcoin Tops $34K

CryptoPotato reported previously that the primary cryptocurrency tends to head south at the start of the weekends. Consequently, there were concerns about similar developments this time as well. So far, though, this hasn’t been the case now.

BTC had already lost several thousand dollars since the Tuesday top of $36,500 and was struggling at $33,000. It even dipped beneath that level briefly. Nevertheless, the cryptocurrency bounced off and started to reclaim some ground.

As a result, bitcoin pumped by around $1,000, jumped above $34,000 to a multi-day high of just over $34,600, where it’s currently situated as well.

BTC’s dominance over the altcoins is still above 45%, while its market capitalization has neared $650 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Rise; ADA Jumps 7%

The alternative coins also struggled in the past few days. However, most of them are well in the green since yesterday. Ethereum dipped well below $2,100, but a 6% increase has driven the second-largest cryptocurrency to just shy of $2,200.

Binance Coin (4%), Dogecoin (2.5%), Ripple (4%), Polkadot (4%), Uniswap (5.5%), and Bitcoin Cash (4%) have also seen considerable gains.

Cardano is among the best performers from the top ten coins with a 7% increase. This comes after the world’s largest cryptocurrency asset manager, Grayscale, said it had purchased ADA tokens.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

From the lower- and mid-cap altcoins, Quant has surged the most, following a 22% jump to $80. Compound (17%), Nexo (14%), XDC (14%), The Graph (13%), Cosmos (12%), and NEAR Protocol (10%) are next.

Ultimately, the cumulative market cap of all cryptocurrency assets has gained $80 billion in a day to well above $1.4 trillion.

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Cryptocurrency charts by TradingView.


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