After crypto went all red throughout last week, with Bitcoin sharply declining to $47,000 and other altcoins plunging serially, coins are beginning to bounce back. Bitcoin now trades above $50,000 once more and the crypto market outlook going all green.
Bitcoin trades above $50,000 yet again
The largest cryptocurrency by market capitalization had sparked a positive reaction to last week’s dip when the asset dumped to a low of $43,000 as the bulls interfered at that point and provided a new trajectory.
On Tuesday, Bitcoin traded above $50,000 briefly but could not sustain the momentum as the rejection that followed saw it dip again back to $47,000. Nevertheless, the crypto, yet again, hit $50,000 hours after as it now trades well above $51,000.
At the time of writing, BTC trades exactly at $51, 270 according to CoinGecko.
Technical indicators show that $50,000 is becoming a key resistance level as Bitcoin finds its path upward. Only after BTC overcomes it decisively could it go for the next one at $55,000.
If there is another rejection, support levels at $47,200, $46,600, and 44,750 could assist.
ETH aims high above $1,600 as altcoin go green
With Bitcoin plunging serial last week, all altcoins felt the effect taking a swing back, except for Cardano (ADA). ADA surged so high. It found its way up to become the third-largest crypto by market cap. It displaced BNB to claim the third spot.
However, at press time, other altcoins are going back up. ETH (6%)Binance Coin (1%) and Ripple (2.5%) are also green on a 24-hour scale. Chainlink has added 6% of value since yesterday and is currently north of $30. Polkadot has jumped by 6.5% and trades at $38.
Litecoin is the most impressive gainer from the top ten with a 12% surge. As a result, LTC has neared $200.
Similarly, lowe and mid-cap altcoin surged by double digits. Energy Web Token leads with a 32% increase to $18. Ocean Protocol (22%), NEM (19%), Basic Attention Token (19%), Enjin Coin (18%), Fantom (13%), Decentraland (12%), and Ontology (11%) follow.
The total amount of crypto market capitalization has ultimately surged above $1.5 trillion.