On Sunday, the bulls made their intentions clear by pushing the price of Bitcoin (BTC) just above the $49,000 level, leading many crypto traders on Twitter to demand the top-rated digital asset overcome the $50,000 psychological resistance. …
Data from Cointelegraph Markets Pro and TradingView shows that after several days of trading in the upper-cap area near $48,200, the bulls were able to breakout higher and climb to an intraday high of $49,242 with a 20 percent cap up. They were trading as low as $40,890 on September 29th.
4 hour BTC/USDT chart. Source: TradingView
Bitcoin’s weekend gains came after a week of mountains and valleys that began with markets struggling with momentum after the market was affected by a fresh regulatory turmoil in China. At the end of the week, there was positive news from Federal Reserve System leader Jerome Powell, who confirmed that the Fed has no intention of banning cryptocurrencies.
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An upward move from BTC swept the markets and helped drive altcoin prices higher, with more coins in the top 200 making double-digit gains.
Daily cryptocurrency market performance. Source: Coin360
Terra (LUNA) saw a breakout ahead of the rest of the market and rose 23.34% from its low of $37.52 on Oct. 2, reaching a new all-time high of $46.09 in the early morning hours of Oct. 3. The Secret Network (SCRT) also rose 20.3% and hit a daily high of $3.07.
Other notable increases include a 13% increase in Shiba Inu (SHIB) and a 12.4% increase in Tezos (XTX) and Axie Infinity (AXS).
The total market capitalization of the cryptocurrency is now $2.161 trillion, and the dominance of bitcoin is 41.4%.