Friday, October 7

Bitcoin Regains $5k While The Cardano And Polkadot Spikes by 25%: Bullish Market

Almost all of the crypto market has turned green, except for a few exceptions like Terra (another 99% daily dump).

After several days of massacres, bitcoin finally initiated an impressive leg up, resulting in a $6,000 green daily candle. Most altcoins also joined the ride, with massive price increases from Cardano, Polkadot, Avalanche, and others.

Read Also: SHIB Spike 25% as Token Gets Listed on Top Middle East Crypto Exchange

Bitcoin Taps $30K

The volatile nature of the cryptocurrency market has been quite evident in the past ten days ago. On May 5, bitcoin stood close to $40,000, with the community anticipating another price jump.

Still, the reality was majorly more brutal and violent. BTC was firstly dumped by $4,000 in hours before sliding below $34k just a few days after. After making this multi-week low, bitcoin kept losing value and found itself dipping below $30,000 for the first time since last July on May 10.

Despite bouncing off initially, the predominantly bearish market sentiment brought the cryptocurrency south again. This culminated yesterday with a vigorous price drop to $25,300 – the lowest position BTC has been in since December 2020.

At that point, though, the bulls were reminded of their presence. They intercepted the move and drove BTC upwards. Bitcoin soared by around $6,000 to an intraday high of $31,000 charted a few hours ago.

Presently, BTC has retracted slightly but yet stands above the coveted $30,000 mark. As such capitalization has neared $600 billion.

BTCUSD. Source: TradingView

ADA, DOT, AVAX Lead the Alt Recovery

The alternative coins suffered even more during this correction, but the market has turned green today.
Ethereum slipped to $1,800 yesterday but remained above $1,900 for most of the day. Now, ETH stands well above $2,000 after a 7% daily increase.

Binance Coin also went down hard but now trades around $300 following a 17% spike. Similar prices are evident from Ripple, Solana, and Dogecoin.

Read Also: Elon Musk Authenticates Dogecoin Has Potential as Currency

Cardano, Polkadot, Avalanche, and Shiba Inu have painted even more impressive daily gains. ADA is up by 28% and trades close to $0.6, DOT sits at $10 (26% up), AVAX has increased by 26% as well, and SHIB (23%) is at $0.000013.

Needless to say, Terra is down by another 99% in the past 24 hours and now stands below $0.0004.

Cryptocurrency Market Overview. Source: Quantify Crypto

Notwithstanding, the crypto market cap has regained $150 billion since yesterday’s dump and is currently at $1.3 trillion.

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