Bitcoin has bounced off and jumped to around $49,000 after few days of price decline. Most alternative coins have also followed suit with impressive increases now. ADA leads the pack with a 10% surge to above $2.8.
Bitcoin Touched $49K
The past few days didn’t go well for the primary cryptocurrency. It had failed to remain above $50,000 after it breached that level for the first time since mid-May and the bears had a grip on the market.
They pushed the asset south, and BTC was gradually dipping in value. This resulted in two consecutive drops to around $46,300 on Thursday and Friday.
However, the situation quickly reversed following the daily low yesterday, and bitcoin started to recover some ground. It reclaimed $47,000, did the same with $48,000, and just a few hours ago spiked above $49,000.
Currently, it has retraced slightly and stands just beneath that level, but its market capitalization is well above $900 billion.