Green Weekend: Bitcoin Spikes $3,000 Intraday As ETH Soars 8% (Market Watch)

Following a few days of price slides and choppy price action, bitcoin has bounced off from yesterday’s low and eyes $50,000 once again. The altcoins have also reacted positively, with Ethereum surging by 8% to nearly $1,600, as of writing these lines.

Bitcoin Has $50K In Sight (Once Again)

The BTC bulls didn’t seem to like the price action since Wednesday, when the situation seemed to be going in the cryptocurrency’s way as it reached as high as $52,500 just days after bottoming at $43K. However, the trend quickly reversed at that point, and the asset headed south.

In the following days, BTC dumped by over $7,000 to yesterday’s low at roughly $46,000. Nevertheless, the bulls regained control then and pushed the primary cryptocurrency north.

This drove bitcoin near the coveted $50,000 mark as the asset added more than $3,000 in a day. As of writing these lines, BTC has calmed slightly and currently stands around $49,000.

 TradingViewBTCUSD. Source: TradingView

Correlation to Wall Street Peaks (Again)

With the latest price increase, bitcoin resembled the major indices on Wall Street again. CryptoPotato reported, the correlation between S&P500 and Bitcoin had reached a 5-month high.

After losing some value similarly to BTC for a few days, the S&P 500 closed the week with 2% gains yesterday’s volatile Friday trading session. The Dow Jones Industrial Average went up by 1.85%, while the Nasdaq Composite ended with an increase of 1.55%.

Altcoins See Green, ETH Nears $1600

The alternative coins also felt the adverse price developments over the past few days. However, they have bounced off since yesterday, similarly to BTC, whereas large and mid-caps had seen even sharper gains.

Ethereum leads the pack with an 8% surge. As a result, the second-largest cryptocurrency is just inches away from reclaiming $1,600.

Cardano (2%), Binance Coin (3%), Polkadot (3%), Ripple (3%), Litecoin (6%), and Chainlink (4%) are well in the green as well.

Uniswap’s governance token has jumped by 2% since yesterday and 20% in a week and now takes the 8th spot in terms of market cap.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

 

Bancor is the most impressive gainer from the top 100 with a 23% surge to $8. SwissBorg (20%), Holo (20%), Ontology (17%), NEM (14%), Qtum (13%), and Terra (13%) follow.

In contrast, and in the red zone: Chiliz (-12%, following massive gains during the past week), THETA (-8%), Flow (-7%), Decentraland (-5%), and IOST (-5%) have lost the most since yesterday.

Publication date: 
03/06/2021 - 10:42
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