After marking a multi-week low at $38,000, bitcoin went on the offensive and reclaimed $40,000. The altcoins are also well in the green today, with Dogecoin stealing the show following a 33% surge after the Elon Musk-Twitter news.
Bitcoin Reclaims $40K
The bears had almost complete control over the market in the past several days. It all started on April 21 when the asset was rejected at $43,000 after a few days of price increases.
In a matter of hours, the cryptocurrency dumped to $40,000 and even below that level on the following day. The situation worsened yesterday when BTC slumped to just over $38,000. This was its lowest price tag since mid-March.
However, this is where the bulls stepped up and reversed the asset’s trajectory. Instead of heading further south, BTC started adding value fast and spiked above $40,000, where it’s currently situated. Consequently, bitcoin’s market cap has jumped to about $775 billion.
This came amid positive adoption news that Fidelity will allow investors to add BTC to their 401K accounts.
Dogecoin Leads the Alts’ Rally
The altcoins suffered just as badly as BTC yesterday, but the landscape today is predominantly more bullish.
Ethereum found itself trading at $2,800 after several days of consecutive price dumps. Now, though, a 7% increase has pushed the second-largest cryptocurrency to just above $3,000.
Binance Coin and Solana were also beneath round-numbered milestones, but BNB now sits above $400, and SOL is north of $100.
Terra is just shy of $100 after an 8% daily increase. More gains are evident from Ripple, Cardano, Polkadot, Avalanche, and Shiba Inu.
Dogecoin is the best performer here, with a massive 33% surge. This came amid the confirmation that Elon Musk had indeed purchased Twitter, and given his favorable approach towards the first-ever memecoin, the price surge is not that big of a surprise.
Overall, the crypto market cap is up by over $100 billion in a day and sits close to $1.9 trillion.