Bitcoin Sparks Bullish Hopes As It Reaches 3-Week High: Price Analysis

Bitcoin sparks bullish hopes as it reaches a 3-week high and the crypto market continued recovering by adding $30 billion to the capitalization so let’s read more today in our latest Bitcoin news.

The cryptocurrency market continued its path to recovery and managed to add another $30 billion to the total cap which happens on the back of serious increases from BTC but also from a few other altcoins. Bitcoin sparks bullish hopes and managed to chart another 3.3% gains in the past day and at the time of writing, it is trading at $31,600. As it can be seen from the charts, this is the highest price of BTC before the huge market dump whcih followed after the collapse of the entire Terra ecosystem. Bitcoin’s dominance as a metric that gauges the share relative to that of the market has more or less remained flat in the past day. This indicates that the main cryptocurrency and the altcoin market moved along.

The most dominant altcoin from the top 10 for the past few days was Cardano which had its ADA coin soaring by over 50% in the three days and it is also up by 30% from the past 24 hours. With that said, a lot of other cryptocurrencies made some bigger gains like NEAR which is up by 9% on the day and XLM is up by 7%, and so forth. The altcoin which gained the most over the past day is WAVES and it increased up to 50% while on the other hand, LUNA Classic lost about 20%. Its counterpart LUNA is up by 40% during the Binance trading earlier this morning. The overall market sentiment improved in the past day as the data from the Crypto Fear and Greed Index shows that it is now at a level of 16, up from 10 a day ago but this Is still a state of “extreme fear.”

As recently reported, Bitcoin added 5.6% in to raise over $30,000 in the Asian trading hours on Monday in a brief show of strength amid the record losing streak. The asset dropped for nine consecutive weeks for the first time in history and fell from $48,160 in late March to last week’s closing of $29,600. The drop came with the inflation concerns in the broader economy which is a move away from the risk assets and the systemic risks from the crypto industry.