After another brief drop beneath $30,000, BTC bounced off and even headed above $34,000. Most altcoins have also added some value, and the market capitalization has increased $80 billion in a day.
BTC Spikes To $34K
CryptoPotato reported that the primary cryptocurrency had issues remaining above certain price thresholds in the past few days. BTC’s inability to breach above $35,000 earlier this week drove the cryptocurrency south and even dipped below $30,000 on a few occasions.
However, the bulls took charge after the last such drop and pushed the asset north. In the following hours, bitcoin gained about $5,000 of value to an intraday high of $34,500.
Nevertheless, BTC couldn’t spike any further for now and has retraced to approximately $32,000.
The technical indicators suggest that bitcoin has dipped beneath the first support at $32,500 and could rely on the next ones at $30,750 and $30,000 in case the correction continues.
Alternatively, if the bulls regain control again, they would have to overcome the resistance lines at $34,000, $34,450, and $35,800.
Total Market Cap Eyes $1T
Most alternative coins have mimicked BTC’s recent performance, including the price drop. Naturally, as bitcoin bounced off in the past 24 hours, so have the alts. Ethereum reclaimed $1,300 and currently stands above it after a 2% increase.
Bitcoin Cash (3%), Litecoin (4%), and Cardano (3%) are in the green, while Chainlink (-2%) and Polkadot (-1%) are slightly in the red. Ripple has added 7% to $0.27.
However, Dogecoin, the most recent example of retail investors’ power initiatives, has entered the top ten with a triple-digit daily surge. As CryptoPotato reported, the cryptocurrency increased its price by a factor of 10x before retracing to its current level.
Interestingly, there’s another representative of the triple-digit price increase club – Fantom. FTM has added over 110% of value in the past 24 hours and nearly 600% in the past seven days to $0.18.
Other impressive gainers include Voyager Token (50%), Verge (44%), Siacoin (42%), Terra (40%), SwissBorg (34%), Quant (33%), Nano (32%), Stellar (21%), and more.
Ultimately, the total market cap has increased by about $80 billion since yesterday’s low to $960 billion. It even jumped to $1 trillion, but the subsequent retracement drove it to the current level.
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Cryptocurrency charts by TradingView.