Altcoins shine as Bitcoin bounces back from slump

The crypto landscape is green once again.

The reversal in the price of Bitcoin last April 26 was accompanied by what is being termed as market-wide recovery for the majority of altcoins. Because of this, cryptocurrency investors heaved a sigh of relief.

Data from Cointelegraph Markets and TradingView indicated that Bitcoin (BTC) has soared back to above the $50K level and climbed above $53,500 by mid-day Monday. Ethereum (ETH), on the other hand, climbed to $2,500.

The rally of the digital currencies is likely fueled by the bullish assessments from JPMorgan and the announcement of PayPal that cryptocurrency purchase demands have surpassed expectations.

Mainstream adoption continues

The pullback in the market and the fall of virtual currencies last week in their prices did not slow down the mainstream adoption of cryptocurrencies.

As a matter of fact, stories such as the signing of a multi-year deal with crypto portfolio tracking platform Blockfolio of NFL top pick Trevor Lawrence and plans of Nigeria to accept Bitcoin as payment have made the headlines almost on a daily basis.

Now that the heavyweights of the virtual currencies have recovered, the rest of the pack have also followed suit, recording gains after falling following the downfall of their leader last week.

Altcoins also rise

The losses incurred by Bitcoin over the past week have provided altcoins the opportunity to move forward and gain market share, with some of them breaking out to new all-time highs and keeping an uptrend in trading volume on decentralized exchanges.

Increased activity on the Solana (SOL) blockchain network resulted in its native token reaching a new high of $11.47. Solana’s price gained over 120% in the past week.

Meanwhile, the overall cryptocurrency market cap now stands at more than $2 trillion, and Bitcoin’s dominance rate is now at 50.3%.

 

Image courtesy of Crypto Love/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.