Author:
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.
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.