Bitcoin turned aggressive and reclaimed $40,000 after marking a multi-week low of $38,000. Dogecoin stole the show after a 33% rise following Elon Musk-Twitter news, altcoins are still well in the green today.
Bitcoin $40K. retrieves
The bears had almost complete control over the market over the past several days. It all started on April 21st when the asset was rejected at $43,000 after a few days of price appreciation.
Within a few hours, the cryptocurrency fell to $40,000 the next day and even below that level. Things got worse yesterday when BTC just fell over $38,000. This was its lowest price tag since mid-March.
However, this is where the bulls stepped in and reversed the asset’s trajectory. Instead of moving south, BTC began to add value rapidly and surged above $40,000, where it is currently located. As a result, the market cap of bitcoin has increased to around $775 billion.
This came amid news of positive adoption that Fidelity will allow investors to add BTC to their 401K accounts.
Dogecoin Leads Alts Rally
Altcoins suffered just as badly as BTC yesterday, but today’s scenario is mainly bullish.
Ethereum found itself trading at $2,800 after several days of continuous price drops. Now, however, a 7% increase has pushed the second-largest cryptocurrency slightly above $3,000.
Binance Coin and Solana were also below the round-number milestone, but BNB now sits above $400, and SOL is north of $100.
Terra is just shy of $100 after an 8% daily increase. The advantages over Ripple, Cardano, Polkadot, Avalanche and Shiba Inu are obvious.
With a massive 33% increase, Dogecoin is the best performer here. This comes amid confirmation that Elon Musk did indeed buy Twitter, and given his favorable attitude towards Memecoin at first, the price increase comes as no surprise.
Overall, the crypto market cap has exceeded $100 billion in a single day and sits at close to $1.9 trillion.
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