Bitcoin pumps $1,000, large-caps Cardano, Ethereum follow lead
Bitcoin pumped over $1,000 this morning to reclaim the $30,000 level, after briefly dipping under $29,500 last night. Larger altcoins mirrored that move and pumped by high single-digit percentages as of press time, data from multiple tools shows.
Bitcoin, Cardano, Solana pump
The world’s largest cryptocurrency was dragged down this week against a rout in the global equity market—one that pundits peg to the ever-increasing COVID cases and mutants, while critics peg to that of high inflation in the Western countries.
It was, however, met with rejection at the $31,000 price level, and still trades below the 34-period moving average, suggesting the bearish trend isn’t ending yet.
Image: BTC/USD via TradingView.
This morning’s sudden pump, however, brought some temporary green to the red mess. Ethereum logged a 6% increase as of press time, followed by Cardano (+6.1%), Dogecoin (+7.0%), Polkadot (+7.3%), and Solana (+10%).
For the above coins: Ethereum has a positive fundamental catalyst approaching in the form of the much-awaited EIP-1559—the protocol’s shift to a proof-of-stake consensus design—while Cardano’s steadily moving ahead with its own awaited smart contract implementation.
On the other hand, Solana, a high-speed blockchain whose investors include Sam Bankman-Fried, the billionaire owner of FTX, seemed to have pumped on the back of FTX’s $900 million record fundraise yesterday.
As such, Bitcoin has continually declined since April 2021, when it reached an all-time high of $64,000, before dropping to as low as $29,312 yesterday.
And the asset’s market cap has drastically fallen as a result: the Bitcoin network was valued well over $1.1 trillion in April but has since tumbled down by 45% to today’s $533 billion, a level was last seen in December 2020.