Market on Green: Bitcoin Breaks Above $34K, Altcoins Follow
Over the past days, Bitcoin’s price recovered by more than 15% and pushed through $34K. Meanwhile, the entire market is painted in green today.
Bitcoin has been steadily showing signs of recovery, since the B Word event where Elon Musk, Jack Dorsey, and Cathie Wood spoke very positively of the top crypto asset. It’s up over 15% in five days, and it’s currently holding above $34,000.
Bitcoin Price
It has been a very interesting week for bitcoin’s price, which looked a bit grim just few days ago.
On Tuesday, BTC price sunk down to around $29,200, increasing the fear and panic in the market. The price has since taken a different turn.
On Wednesday, the highly-anticipated B Word event took place, and it saw Elon Musk, Jack Dorsey, and Cathie Wood discuss bitcoin. All of them spoke very positively of the asset and its future.
Musk revealed that he owns BTC, ETH, and some DOGE, while also saying that Tesla would resume accepting it at some point, assuming that the energy used in BTC flips to greener.
The event likely was the trigget to a recovery rally, which has now taken the price of bitcoin above $34K. At the time of this writing, BTC is trading at $34,156, up more than 15% from Tuesday’s lows.
In the past 24 hours alone, quite a few altcoins managed to paint some meaningful gains. Ethereum, for example, is up about 1.77% on the daily, convincingly passing $2K mark, currently trading at $2,154. ADA is also up about 2.5%, while Ripple’s XRP is up 2.14%.
In total, over the past five days, altcoins managed to claim some further market share as Bitcoin’s dominance – the measure of its share relative to that of the entire market, declined by about 1%.
In general, this is how the market looks like over the past 24 hours:
Will be interesting to see if this will continue throughout the rest of the weekend. Meanwhile, some specific altcoins continue to paint highs after highs. Case in point – Axie Infinity’s AXS token managed to score a new ATH yesterday above $47 and is still over 30% up on the day.
