After dumping to a new local bottom of $62,500, bitcoin went on a tear yesterday, surging by over eight grand to $70,000, where it faced immediate selling pressure.
Many altcoins have produced even more impressive gains over the past day, with ETH reclaiming the $2,000 level, and ADA surging by double digits to almost $0.30.
BTC Tapped $70K
After last week’s rejection at $70,000, bitcoin spiraled down for a few consecutive days and dipped to $65,600 last Thursday. It reacted well to this decline and jumped toward $69,000 during the weekend, where it was stopped again after the latest developments on the tariff front, prompted by the US Supreme Court and the subsequent Trump actions.
Although BTC remained relatively still at first, it plunged when the legacy futures markets opened. In just over an hour, the asset plummeted to $64,400 before it rebounded to $66,400.
That appeared to be a dead-cat bounce, and BTC quickly began to lose value again. This time, the nosedive drove it to a three-week lot of $62,500. The bulls finally stepped up decisively at this point and prevented another leg down. Just the opposite; bitcoin exploded out of the gate and soared to $70,000 for the first time in over a week.
It couldn’t break above that level, and has declined by two grand since. However, it’s still 4.5% up on the day, and its market cap has returned to $1.360 trillion on CG. Its dominance over the alts remains inches above 56%.
Alts Rocket
Ethereum, which some analysts believe might have already bottomed out, is back above $2,000 after an impressive 8% daily surge. XRP has reclaimed the $1.40 line after a 5.5% pump. SOL, DOGE, CC, BNB, and HYPE have marked similar gains, while LINK has soared by 9%.
ADA has outperformed the rest of the larger-cap alts. A 10% surge has driven it to almost $0.30. DOT is today’s top performer, having soared by 24% to roughly $1.60. STABLE, UNI, and NEAR follow suit.
The total crypto market cap has recovered $120 billion since the recent low and is up to $2.425 trillion on CG.
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