In the last 5 days, Bitcoin price has recovered by more than 15% and is in the process of testing $34,000. Meanwhile, the entire market is green today.
Bitcoin had great days after the B Word event, where Elon Musk, Jack Dorsey and Cathie Wood talked about it with great affection. It’s gone up 15% in five days and appears to be gearing up for a $34,000 test.
Bitcoin price rose 15% in a few days
This was a very turbulent week for the price of bitcoin, which didn’t seem to have started well a few days ago.
In fact, on Tuesday, the price dropped to around $29,200, causing nothing but fear and panic in the market. Fortunately, it didn’t take long for the price to reverse.
On Wednesday, the highly anticipated B Word event took place and saw Elon Musk, Jack Dorsey and Cathie Wood talk about bitcoin. They all spoke fondly about the asset. Musk revealed that he owns BTC, ETH and DOGE, while saying that Tesla would regain acceptance at some point.
This catalyzed a rebound, which is now pushing the price of bitcoin to $34,000. As of this writing, the BTC is trading at $33,700, an increase of more than 15% from Tuesday’s lows.
Altcoins also capitalize
In just the last 24 hours, some altcoins have managed to paint some significant gains. Ethereum, for example, is up about 3.5% on the daily rate, convincingly surpassing $2,000. ADA also rose about 2.5%, while Ripple’s XRP rose 2.14%.
In total, over the past five days, altcoins have managed to claim some additional market share like Bitcoin dominance – the measure of their share relative to that of the entire market, has decreased by about 1%.
In general, this is what the market looks like in the last 24 hours:
It’s a sea of green today and it’s interesting to see if that will continue for the rest of the weekend. Meanwhile, some specific altcoins continue to paint tall. Case in point – Axie Infinity’s AXS token managed to score a new ATH yesterday above $47 and is still 30% above the day.