Bitcoin Restores $40K Level and Dogecoin Rises 31% After Elon Musk’s Announcement
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Answer Bitcoin Restores $40K Level and Dogecoin Rises 31% After Elon Musk’s Announcement
After hitting a multi-week low of $38,000, Bitcoin went into a retracement process and reclaimed the $40,000 level this morning.
Altcoins are also doing well today, as Dogecoin stole the spotlight after rising 31% on the news of Elon Musk’s acquisition on Twitter.
Bitcoin recovers $40K level:
Bears have had almost complete control of the market in the past few days.
It all started on April 21 when the bears rejected Bitcoin’s rally and broke the $43,000 resistance, a few days after the price surged.
Within hours after that, the cryptocurrency fell to $40K and even below that level.
The situation was made even worse yesterday when Bitcoin fell to just over $38,000.
Read:A bot that earned and lost more than a million dollars in Ethereum in one night…details here
This was the lowest price since mid-March.
But this was the level where the bulls climbed and reversed the bitcoin price.
Instead of heading south, bitcoin has started adding value quickly and has soared to over $40,000, still trading at that level (as of press time).
As a result, the market value of Bitcoin has jumped to about $770 billion.
This came amid positive adoption news that Fidelity will allow investors to add bitcoin to their accounts.
Dogecoin leads the way for altcoins:
Altcoins struggled hard like Bitcoin yesterday, but today the scene is mostly bullish.
Ethereum itself was trading at $2800 after several days of consecutive price dumps.
Now, the price of the coin has increased by 7% bringing the coin price back to the $3000 level.
Binance and Solana also rebounded in the recent rally, coinciding with the rise of Bitcoin, with Binance coin rising above the $400 level while Solana reclaiming the $100 level.
As mentioned above, Dogecoin is one of the best performing cryptocurrencies today, with a massive 31% increase in price.
This came amid confirmation that Elon Musk has already bought Twitter, and given his preferred approach to the first ever meme coin, its price hike is not a huge surprise.
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Overall, the total value of the crypto market has risen by over $100 billion per day and is approaching more than $1.9 trillion.
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