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.

The post Bitcoin pumps $1,000, large-caps Cardano, Ethereum follow lead appeared first on CryptoSlate.

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  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%
  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%