Bitcoin Charted 5-Month High Above $58K: Polkadot (DOT) Skyrockets 20% on Parachain News

After yesterday’s price drop, bitcoin continued upwards and tapped a new five-month high above $58,500. The altcoins have also seen impressive gains, with Polkadot leading the pack. DOT has exploded 20% following a massive announcement.

Bitcoin Sees New 5-Month High

The past several days were going well for the primary cryptocurrency, as it neared $58,000 for the first time since mid-May. However, it failed to breach it on its first attempt, and the bears drove it south hard yesterday.

As reported, BTC dumped by more than $3,000 in a day and bottomed around $54,000. Yet, the situation has changed once more in the past 24 hours.

Instead of going further south, bitcoin started to appreciate against the dollar rapidly. In a matter of hours, it recovered all of its previous losses and even broke above $58,000 this time.

It kept climbing and reached an intraday high above $58,500, which became the new highest price since mid-May. As of now, BTC has retraced by roughly $1,000, and its market capitalization has dropped to just under $1.1 trillion.

 TradingViewBTCUSD. Source: TradingView

Alts in Green; DOT Surges 20%

The alternative coins also retraced yesterday, but most are well in the green today. Ethereum dropped below $3,500, but a 5.5% increase on a 24-hour scale has driven it to $3,650.

Binance Coin has been among the best performers in the past few days after the exchange behind it announced a $1 billion fund to enhance the BSC. After yesterday’s double-digit pump, BNB has spiked by 3.5% again today and trades at $480.

Cardano, Ripple, Solana, Dogecoin, Terra, Uniswap, and Avalanche have also marked some gains in a day. Chainlink has surged by 11%, but Polkadot has trumped all other larger-cap alts with a near 20% increase on a 24-hour scale.

This comes after the project’s massive announcement that its parachains are ready to be launched in a month.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Telcoin (35%), Kusama (18%), Curve DAO Token (16%), Vechain (13%), Waves (12%), Revain (12%), Stellar (10%), and more.

As such, the crypto market cap is more than $100 billion up in a day to over $2.350 trillion.

Publication date: 
10/14/2021 - 08:44
Disclaimer

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.