Bitcoin Tapped $49K as Crypto Markets Recover $100 Billion (Weekend Watch)

Following a few days of price declines, bitcoin has bounced off and jumped to around $49,000. Most alternative coins have also reacted well to the recent slumps, with impressive increases now. ADA leads the pack with a 10% surge to above $2.8.

Bitcoin Touched $49K

As reported by CryptoPotato, the past few days didn’t go well for the primary cryptocurrency. It had failed to remain above $50,000 after it breached that level for the first time since mid-May and the bears had a grip on the market.

They pushed the asset south, and BTC was gradually dipping in value. This resulted in two consecutive drops to around $46,300 on Thursday and Friday.

However, the situation quickly reversed following the daily low yesterday, and bitcoin started to recover some ground. It reclaimed $47,000, did the same with $48,000, and just a few hours ago spiked above $49,000.

As of now, it has retraced slightly and stands just beneath that level, but its market capitalization is well above $900 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView. Source: TradingView

Altcoins See Nothing But Green

Somewhat expectedly, when BTC was heading south, so did the alternative coins. Ethereum dropped from $3,360 to below $3,100. As of now, though, it has recovered more than $150 of value, despite the recent bug in the blockchain.

Cardano has stolen the show once again with a near 10% surge on a 24-hour scale. As such, ADA has risen above $2.8 after dropping below $2.6 just days ago.

Binance Coin (2.5%) stands close to $490, Polkadot (4.5%) has neared $26, Uniswap (5%) is above $27, and Bitcoin Cash (3.5%) is at $630.

Even more impressive gains are evident from Ripple (6%), Dogecoin (6%), LUNA (6%), and Solana (8%). Interestingly, SOL has charted yet another all-time high – this time, just shy of $90.

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

In the past 24 hours, CELO has outperformed all other top 100 coins. It has skyrocketed by more than 50% to near $5. Arweave follows with a spectacular 30% surge to $37.

ICP (18%), Helium (16%), Tezos (13%), Kusama (12%), and Bitcoin Gold (12%) are next.

Ultimately, the cumulative market cap of all cryptocurrency assets has recovered $100 billion in a day to $2.1 trillion.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Comments are closed.