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    Home » Market Updates » Green on The Crypto Screens Following Wall Street: BTC Touched $50K (Market Watch)

    Green on The Crypto Screens Following Wall Street: BTC Touched $50K (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Mar 3, 2021 @ 08:21

    The cryptocurrency market cap has increased by nearly $200 billion in two days as bitcoin jumped to $50,000, while ETH has reclaimed $1,500.

    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.

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    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.

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    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.
    Tags: Bitcoin (BTC) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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