Bitcoin price went on the offensive again after yesterday's declines and was just inches away from the $52,000 mark.
Most altcoins are also slightly in the green, with ETH crossing $3,000 and SOL remaining above $100.
BTC challenges $52,000?
After a few consecutive weeks of price increases, the primary cryptocurrency experienced a calmer seven-day period this time. The only notable price increase came on Tuesday, when bulls pushed the asset to a new multi-year high of exactly $53,000.
However, a sharp rejection followed, pushing the cryptocurrency down by more than two grand. It tried to recoup most of the losses but ultimately fell below $51,000 a few times.
The next few days were quieter, but BTC still struggled to post significant gains. On the contrary, the cryptocurrency fell to a multi-day low of $50,600 yesterday.
However, the landscape has changed since then. Bitcoin began another run higher, which resulted in Bitcoin gaining more than a thousand in just a few hours and jumping to almost $52,000. So far, BTC has failed to overcome this line despite rising more than 1% on the day.
Its market cap has once again risen above $1 trillion, but its dominance over altcoins has fallen to 48.6%.
BTCUSD. Source: TradingView
ETH reclaims $3,000
Possibly driven by the hype surrounding the possible approval of spot ETFs, Ethereum, the second largest digital currency, has seen a rally in recent weeks. This led to the inevitable challenge of the $3,000 level. The asset jumped above it a few times recently, but it kept getting pushed down. There was another surge in the last 24 hours, pushing ETH to just over $3,000 after a 2.5% rise.
Solana is above a round milestone and is currently over $100. BNB, XRP, ADA, AVAX and LINK are also slightly in the green.
UNI dumped the most on the day (-16%), but is still up double digits since Friday following this suggestion.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.
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