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 recovers $40,000
The bears had almost total control over the market over the past few 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 intensified and reversed the course of the asset. Instead of heading further south, BTC started adding value quickly and broke above $40,000, where it currently sits. As a result, bitcoin’s market capitalization jumped to around $775 billion.
This came amid positive adoption news that Fidelity will allow investors to add BTC to their 401K accounts.
Dogecoin Leads Alts Rally
Altcoins suffered just as much as BTC did yesterday, but the landscape is mostly more bullish today.
Ethereum found itself at $2,800 after several days of consecutive price declines. Now, however, a 7% surge has pushed the second-largest cryptocurrency to just over $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 under $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 capitalization has increased by more than $100 billion in one day and stands at nearly $1.9 trillion.
