The entire crypto market has gone all green as it has added over $100 billion in the past 24 hours, Bitcoin has hit $40,000 once again and the entire altcoin market is green.
This follows the many travails of the number one cryptocurrency dumping below $35,000 and struggling to grip that spot again. It has tanked now, however, with more impressive gains from the altcoin.
Bitcoin’s journey to $40,000
The fortunes for Bitcoin began to change during the week when El Salvador made Bitcoin a legal tender following a parliamentary nod. BTC jumped to $37,000, only to plunge bank hours after to $35,000 again.
Over the weekend on Sunday, it struggled up again but another price slump saw the number one coin dip again below $35,000.
The boost came eventually from Elon Musk who has been a real influence on the price of the coin recently. He announced that Tesla would resume accepting bitcoin payments for its EV product once there’s the official confirmation that at least 50% of the cryptocurrency’s mining comes from clean energy sources.
Bitcoin immediately added $1,500 and since then hanged just below $40,000 resistance level. At Press time, it has broken the resistance trading slightly above $40,000 at $40, 186.
This brings BTC once again to the highest level it has seen since May. Its market dominance has also gone up to around 45%.
Altcoins all in deep green
Like it happens usually in the cryptocurrency market when Bitcoin surges altcoins follow.
After struggling with BTC they all are now healing up. Ethereum dipped below $2,300 on Saturday, but it added more than $200 to an intraday high of around $2,550 earlier today. It currently trades a bit above $2,500.
Binance coin has jumped above $360 also after bottoming to around $320 during the weekend.
On a 24-hour scale, ADA (5%), DOGE (3%), XRP (8%), DOT (17%), BCH (8%), LTC (6%), and SOL (5%) are well in the green as well.
Uniswap and Chainlink have marked double-digit gains. As a result, UNI is just shy of $23, while LINK is just north of that level.
More gains come from Amp (20%), Fantom (19%), The Graph (19%), Theta (18%), Aave (16%), THORChain (16%), Elrond (15%), Holo (14%), Compound (12%), and more.
Ultimately the crypto market cap has added over $100 billion in a day to around $1.7 trillion.