Bitcoin was swimming in an ocean of green on Thursday. Altcoins as well as the largest token was being swept away in a huge wave of optimism, as it erased the crypto bloodbath of the past few days.
A Gain Of 40% For Bitcoin
On 20th May, Bitcoin reached the $42,000 mark. Altcoins also came along for the upward ride as the biggest cryptocurrency made a new record through its recent comeback. On Thursday, TradingView and Cointelegraph Markets Pro data indicated BTC/USD spiking to and breaking past all the ATHs from February. While the article was being written, volatility had returned as bulls are looking to deal with a point of immense resistance previously.
In a past report from Cointelegraph, the past couple of days has been an immense test for Bitcoin. It was unlike anything that happened previously. Selling pressure had driven Bitcoin prices to as low as $30000. However, that evaporated and then the price surged to a value of $40,000. It took about five hours for this roller coaster to take place.
On Thursday, the higher price levels were maintained. There were short spikes that hinted at large buy-ins that were trying to act as frontrunners for a coordinated push higher. When compared to the lows in the locality, BTC gained 40% in not even 24 hours. An unprecedented occurrence.
Rekt Capital, a popular trader on Twitter, noted how the most amazing rallies take place when market emotions are the most extreme. They also observed that there was almost similar behavior that took place in March 2020. Back then too, cryptocurrencies had crashed broadly.
Among altcoins, opportunities to gain also popped up. ADA, of Cardano, posted a gain of more than 70%. While DOGE (Dogecoin) saw a gain of about 55%. DOGE was surging once more on the back of a supportive tweet from Elon Musk.
