Bullish Hopes as Bitcoin Spikes to a 3-Week High (Market Watch)

Bullish Hopes as Bitcoin Spikes to a 3-Week High (Market Watch)

The cryptocurrency market continues on its path to recovery and managed to add another $30 billion to its total capitalization. This happens on the back of serious increases from Bitcoin, but also from quite a few altcoins.

Bitcoin Spikes to a 3-Week High

Bitcoin’s price managed to chart another 3.3% gains in the past 24 hours, and at the time of this writing, it’s trading at around $31,600 (on Binance).

Source: TradingView

As seen in the above chart, this is the highest price for BTC since May 11th – exactly before the massive market dump that followed the collapse of the entire Terra ecosystem.

Bitcoin’s dominance – the metric that gauges its share relative to that of the entire market – has more or less remained flat over the past 24 hours. This indicates that the primary cryptocurrency and the altcoin market moved hand-in-hand.

Cardano Spikes 28%, Altcoins in Green

The most dominant altcoin from the top 10 for the past few days has undoubtedly been Cardano. ADA’s price soared by over 50% in three days, and it’s up almost 30% in the past 24 hours alone.

Source: Quantify Crypto

With that said, a lot of the other cryptocurrencies are also charting notable gains. NEAR is up 9% on the day, XLM is up about 7%, and so forth.

The altcoin that gained the most over the past 24 hours is WAVES – up close to 50%. On the other hand, Luna Classic (LUNC) lost the most – about 20%. It’s worth noting, though, that its counterpart – LUNA (read Terra 2.0), is up around 40%, a trading on Binance started earlier this morning.

The overall market sentiment has also improved over the past 24 hours. Data from the Crypto Fear and Greed Index shows that it’s currently sitting at a level of 16 – up from 10 yesterday. However, this is still a state of “extreme fear.”

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