Following yesterday’s announcement that Square has purchased $50 million worth of Bitcoin, the asset has reacted with a significant price jump to $10,900. Most altcoins have followed suit and the cryptocurrency market cap has increased by $12 billion.
Bitcoin To $10,900 Due To Square?
Bitcoin was in a bit of a pickle in the past few days trading around $10,600. Yesterday didn’t appear as a breakthrough day for the asset as it was slowly declining towards $10,540 (on Binance).
However, approximately at that time, news broke out that Jack Dorsey’s Square has made a sizeable investment in the primary cryptocurrency. By arguing that Bitcoin is an “instrument of economic empowerment,” the company bought $50 million worth of BTC.
Shortly after, the cryptocurrency started accelerating, and a few hours later, it reached $10,940. Despite retracing slightly since then to just below $10,900, Bitcoin is still 2.5% up on a 24-hour scale.
From a technical standpoint, BTC broke above a crucial resistance at $10,800 on its way up. To continue heading north, it needs to overcome the psychological $11,000 level, followed by the next resistance lines at $11,120 and $11,400.
If the situation reverses, Bitcoin can rely on $10,730 and $10,680 as support.
Altcoins Follow Along, Market Cap Gains $12B
Most altcoins have followed their leader. Ethereum has increased by 3% and hovers at around $350. Ripple (2.6%) trades above $0.25.
The two most impressive gainers in the top 10 come from Polkadot and Chainlink. DOT’s 7% surge has placed the asset at the 6th spot with a price tag of over $4. LINK has jumped by 8.6% and trades near $9.5.
Bitcoin Cash (4.2%), Binance Coin (2.2%), Crypto.com Coin (2%), and Litecoin (1.6%) are also in the green.
Cryptocurrency Market Overview. Source: quantifycrypto
Even more impressive gains are evident from mid and lower-cap altcoins. UMA and The Midas Touch Gold lead the way with an approximate 25% surge. SushiSwap (17%), Uniswap (17%), Yearn.Finance (15%), Avalanche (13%), Swipe (11%), and Energy Web Token (10%) have also jumped by double-digit percentages.
Overall, the total market cap has surged from $331 billion to $343 billion in a day.
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