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Bitcoin’s value responded positively to the slight pullback yesterday and has consistently remained above $34,500 at this time.
The altcoins have experienced even more significant increases over the last 24 hours, contributing to a $20 billion rise in the total market capitalization during this period.
BTC Targets $35K
It can be stated that bitcoin has been performing exceptionally well over the past few days. The upward trend began over the weekend when the cryptocurrency took advantage of its favorable momentum and regained the $30,000 mark. Following a brief pullback and a lackluster performance on Sunday, the asset resumed its upward trajectory on Monday and Tuesday.
During this period, the asset recorded its most remarkable daily price increase in a long time, surging by four thousand dollars in just a few hours to reach its highest price in 17 months at $35,200.
Although it lost some momentum at that point and retraced to $33,200 after the excitement surrounding BlackRock’s ETF ticker, the cryptocurrency’s downturn was short-lived. Consequently, it began to approach the $35,000 level once more just hours ago.
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However, it has not yet managed to reclaim that level and is currently trading just below it. Its market capitalization has risen to nearly $680 billion, while its dominance over altcoins is just under 53%.
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BTCUSD. Source: TradingView
SHIB, DOGE Surge
Green is also prevailing in the altcoin market today. Ethereum has finally surpassed BTC on a daily basis with a 4.4% increase, bringing it to $1,850. Binance Coin, Ripple, Tron, Toncoin, Chainlink, and Litecoin have all risen by up to 3-4% daily.
Additional gains are seen in Solana, Cardano, Polygon, and Polkadot – all of which have increased by 5-7%.
Nonetheless, the most significant price increases among the larger-cap altcoins are attributed to the leading meme coins – Dogecoin and Shiba Inu. Both assets have surged by 10-11%. Avalanche’s native token has also gained a similar percentage and is now priced above $11.
The total cryptocurrency market capitalization has increased by approximately $20 billion overnight, now nearing $1.3 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
