After much waiting and anticipation, Bitcoin has found its feet again and now sit well above the much-coveted $50,000 level.
Bitcoin at the time of writing trades at $53, 759 on the Binance app. Its price has surged by 8 percent. Similarly, BTC’s crypto market capitalization has reclaimed the $1 trillion level after it went high above the $50,000 level.
Other altcoins have also gone green as the entire crypto market cap has swollen by $130 billion since yesterday’s low.
Bitcoin revisits $54,000 level
After several days of sideways trading and flirting with the $50,000 level, the number one cryptocurrency finally walked above the level yet again. The bulls took charge this time after it dropped yesterday to $49,000 and drove it all the way up.
Hours after, it added over $4000, and it value spiked above $50,000. This became the asset’s highest price tag since February 22nd after it sharply dropped when it reached an all-time high price above $58,000.
Although it has retraced slightly since then, BTC is still up by about 8 percent in the past 24 hours. With its substantial increase, BTC’s market capitalization topped $1 trillion once again after dropping a few weeks.
One special thing about Bitcoins recent surge is the fact that it has gone wild amidst turbulence on Wall Street. The S&P 500 and the Nasdaq closed in the red on Monday while the crypto world ended all green.
Altcoins returns all green
Most of the alternative coins have followed their leader in the past 24 hours with impressive gains. Ethereum leads the pack with an 8percent increase. ETH has also reclaimed another weekly high at $1,800.
Binance Coin and Ripple have added about 4% of value to $240 and $0.48, respectively. Cardano and Uniswap have painted minor increases, while Polkadot (5%) and Chainlink (9%) have gone above $35 and $31.
Lower and mid-range crypto coins have also displayed impressive price surges. Chiliz is the undisputed leader with a 100 percent surge since yesterday and 380 percent in the past seven days to $0.27.
On a 24-hour scale, Terra (27%), NEAR Protocol (25%), Quant (25%), Theta Fuel (22%), Hedera Hashgraph (20%), SwissBorg (17%), THETA (16%), Decentraland (16%), and UMA (15%) follow.
Ultimately, the cumulative market capitalization of all cryptocurrency assets has surged from $1.540 trillion to $1.670 trillion in a day. The market cap is up by $230 billion in the past five days.