Polkadot replaces Cardano as the 4th biggest cryptocurrency while the market cap hit $1.5 trillion as we are reading more in our latest cryptocurrency news.
Over the past 24hours, we saw the cryptocurrency market recover from the correction that happened at the beginning of the week. Bitcoin touched $50,000 for the first time in history while the total crypto market cap increased to $1.5 trillion as Polkadot replaces Cardano as the 4th biggest cryptocurrency. The primary cryptocurrency hit $50K which is a huge milestone for the BTC price which added 72% to the face value since 2021 started.
This happened a few days after the price action got a little choppy so it seemed that BTC is ready to breach $50K when it was less than $300 from its target. However, during the Asian trading session that BTC went through when it dipped below $46K. BTC was up since then which took a day to recover and breach the major milestone. The next target sits above $50,400 and $41,500 so in any case, it will be meant that the cryptocurrency is in price discovery and more volatility should be expected.
In the meantime, Polkadot’s DOT token became the 4th biggest cryptocurrency by means of total market capitalization as per the data by CoinGecko. The altcoin surpassed Cardano’s ADA and is now $3 billion behind Tether. This came as the total market cap surpassed $1.5 trillion with altcoins making huge gains across the board. As it can be seen in the charts, the altcoins are in the green and almost every single cryptocurrency is gaining. ETH traded above $1800 for an increase of 2.5%, DOT increased 14% while ADA is up 7.5%. LTC bounced to $220 marking a 7% gain. XRP didn’t capitalize on the recent surge and is only up by 0.55%.
The entire market was in a favorable mood as the data shows but the biggest loser in the past 24 hours was the Voyager token VGX which got down by 1.2%.
As reported earlier, DOT started a fresh increase after a smaller correction between the $25 support against the US dollar. The price was trading nicely above the $28 support and the 100 simple moving average with a break over the major bearish trend line with resistance near the $27.50 on the 4-hour chart of the pair that remains in a strong uptrend and could clear the $30 barrier.
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