BTC Touched $50K (Market Watch)

After several consecutive days of price drops, bitcoin initiated an impressive leg up yesterday and even touched the coveted $50,000 tag. Most alternative coins have also reacted positively, including ETH overcoming $1,500, LINK nearing $30, and BNB reaching $250.

It’s worth noting traditional financial markets are also recovering. Yesterday, the S&P 500 is up by more than 2%, the NASDAQ Composite – by more than 3%, and the NASDAQ 100 by almost 3%.

Bitcoin Taps $50K Again

Ever since BTC plummeted in value last week by more than $13,000 in a few days, the asset has struggled to recover. The past few days were somewhat similar, as bitcoin even dipped to $43,000.

However, the bulls finally regained control yesterday and pushed the cryptocurrency north. In a matter of hours, BTC added more than $7,000 of value and even briefly surpassed $50,000.

This came amid reports that the giant US multinational investment bank Goldman Sachs will relaunch its cryptocurrency trading desk – news that the community welcomed as a bullish development.

Nevertheless, BTC has declined slightly since then and currently trades around $49,000.

From a technical viewpoint, $50,000 remains the first major obstacle in bitcoin’s way up. Should the asset conquer it decisively, the following resistance lines are $52,500 and $55,000.

Alternatively, the support levels at $47,200, $46,000, and $44,750 could assist in case of another steep retracement.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Back Above $1,500; Chainlink Eyes $30

The altcoins mimicked BTC’s price developments to a large extent in the past ten days. As such, it’s not a big surprise that they have bounced off from yesterday’s lows, and the market is mostly green today.

Ethereum has added more than 8% of value and has jumped to nearly $1,550. Binance Coin (12%) touched $250 while Polkadot (6%) is above $35. Ripple (3%), Litecoin (5), and Bitcoin Cash (7%) are also in the green.

Chainlink is the most impressive performer from the top ten with a 16% surge to about $29. Interestingly, Cardano is the only coin here that has lost value on a 24-hour scale. ADA is 3.5% down even after the project launched its mainnet earlier.

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

Badger DAO has gained the most from the lower-cap altcoins with a 52% increase to $63. Enjin Coin (33%), Flow (32%), Theta Fuel (25%), Compound (22%), Curve DAO Token (20%), SushiSwap (20%), and NEM (20%) are next.

Ultimately, the crypto market cap has added $90 billion since yesterday and $180 billion in two days to $1.5 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 CRYPTOPOTATO35 code to get 35% 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.

Source link

Add a Comment