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Bitcoin Eyeing $63K As The Market Cap Recovered $130B In One Day

Stefan by Stefan
25/10/2021
in Bitcoin News
Reading Time: 2 mins read
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Bitcoin eyeing $63K adding $3000 in one day after the latest drop below the $60,000 price range while Solana closed down to its all-time high of $216 as we are reading more in our latest Bitcoin news today.

Following the price dip to below $60,000 levels, Bitcoin eyeing $63K and it moved on and off to the $63,000 range so most alternative coins also charted gains over the past day with teh total market cap reaching more than $130 billion. After the last week’s high when BTC hit $67,000 and the asset started dropping in value with the result ending in the loss of $7000 in a few days. BTC dropped below $60,000 a few times and the same transpired during the weekend and the latest drop came hours ago when the crypto dipped to the lowest price point in less than a week at $59,000. since then, the landscape changed and BTC bounced off and reclaimed $60,000 and continued upwards by adding more than $3000 of value.

btcusd
BTCUSD. Source TradingView

As of now, BTC is close to $63,000 and the market cap neared $1.2 trillion with the dominance over the altcoins increased in one day to 45.5%. most alternative coins retraced during the weekend but are in the green today with Ethereum slipping below $4000 a few days back but is now sitting at $4150. Ripple, Cardano, Polkadot, Binance Coin, Avalanche, Terra, Chainlink, and Dogecoin surged by more than 6% while Solana remains the most impressive performer from the 10 with a 7% increase. SOL sits at $207 with just inches away from the ATH of around $216 from earlier this year. More gains are evident from KuCoin that increased 12%, ThorChain increased by 14%, The Graph increased 12%, Token increased 11%, and Fantom as well by 10%. The cumulative market cap of all crypto assets added $130 billion in one day and sits at $2.6 trillion.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, Bitcoin’s price continued to drop on Friday and ended the week down about 2% compared to a 1.7% gain in ETH. Some traders that went long on BTC head of the launch of ProShares’ future-focused ETF that this week it seemed to be taking profits. Still, some investors are expecting a pullback to remain limited for the rest of the year and one company even mentioned that alternative cryptos like ETH could see a new upside compared to Bitcoin. The crypto trading firm QCP wrote that they are remaining optimistic but still cautious about downside risks and noted that leverage levels a high in the BTC futures market that precedes a pullback in price most of the time. QCP expects ETH to outperform BTC in the near term.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin eyeingbitcoin pricebtc pricecrypto market capcryptocurrecy market capetheruemmarket capone day
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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