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Following a few days of hiatus, bitcoin seems to be resuming its bull run by adding over $6,000 of value in a day and nearing $39,000. Most alternative coins have added significant chunks of value as well, and the market cap has reclaimed $1 trillion.
Bitcoin Eyes $40K
As reported earlier this week, bitcoinâs price plummeted by nearly $12,000 in a day on Monday. The adverse developments resulted in BTC touching $30,000. Although the cryptocurrency bounced off initially and seemed as the correction was over, yesterday marked another day of price dips.
However, the situation has changed entirely in the past 24 hours. BTC has surged by over $6,000 since yesterdayâs bottom at $32,300 and currently sits close to $39,000. This price tag is also the first resistance line, according to the technical indicators.
Should bitcoin reclaim that obstacle, the next resistance levels lie at $40,000, $41,200, and the all-time high of $42,000.
Alternatively, the support lines at $36,600, $35,200, and $34,000 could assist in case of another price breakdown.
Gaining Altcoins Reclaim $1T Market Cap
Most alternative coins copied BTCâs highly turbulent price performance this week, including todayâs impressive gains. Ethereum has led the altcoin charge with a 9% surge to above $1,150.
Bitcoin Cash (6%) has reclaimed the $500 price mark, while Binance Coin (7%) is above $40 once more. Chainlink (10%), Cardano (7.5%), and Litecoin (8%) are also well in the green.
Polkadotâs performance has trumped all top ten coins. DOT has exploded by 24% to a new all-time high of over $11.
XRP is the only top ten representative that has failed to mark serious gains. Rippleâs upcoming battle with the SEC continues to harm the native digital asset as numerous crypto-related organizations have removed the token.
Cryptocurrency Market Overview. Source: Quantify Crypto
More gains are evident from Loopring (30%), HedgeTrade (25%), Ren (25%), THORChain (23%), Kusama (23%), Blockstack (22%), IOST (22%), SushiSwap (21%), Voyager Token (20%) and more.
In total, the cumulative market capitalization of all cryptocurrency assets has added $140 billion in a day to $1.04 trillion.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.