Bitcoin slumped hard yesterday and dropped below $69,000, but the bulls have taken charge since then, and the asset now stands well above $70,000.
While most alternative coins are slightly in the green, DOGE and BCH have gone on a tear with double-digit price gains overnight.
BTC Goes Above $70K
Last week was quite negative for the largest cryptocurrency, in which it fell to under $61,000 at one point and was down to $62,500 on Friday. The weekend finally saw a recovery attempt but BTC was stopped at $66,000.
It wasn’t until Monday that the asset started actually charting meaningful increases and soared to $70,000. More gains came on Tuesday and Wednesday that culminated in jumping to almost $72,000 yesterday.
However, the cryptocurrency failed to overcome that level, and the subsequent rejection pushed it south by over three grand to $68,500. The landscape now is quite different, and Bitcoin has returned to over $70,500 as the community’s anticipation for a $100,000 price tag grows stronger .
Its market capitalization has increased overnight but still stands below $1.4 trillion. Its dominance over the alts remains stagnant at just under 50% on CG.
BTCUSD. Source: TradingView
DOGE, BCH Go Up
Most altcoins were in a retrace mode yesterday but have managed to erase a large portion of the losses today. Binance Coin, Ripple, Toncoin, and Chainlink have increased by somewhere between 1% and 3%. Ethereum, SOL, ADA, and DOT are also in the green but in a more modest fashion.
Shiba Inu has gained over 4% overnight, but its increase is trumped by its older and larger brother – Dogecoin. DOGE has jumped by over 10% in a day and sits above $0.2.
Bitcoin Cash is the other notable gainer from the larger-cap alts. Just days ahead of its next halving, BCH has soared by 13% to over $550.
The cumulative market cap of all crypto assets has increased by about $50 billion overnight but still stands below $2.8 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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