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%.
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.
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.
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.
