October 5, 2022

Green Weekend: Bitcoin Breaks Above $33K, Up 15% in 5 Days

2 min read

Bitcoin saw a terrific couple of days following the B Word occasion where Elon Musk, Jack Dorsey, and Cathie Wood spoke rather fondly of it. It’s up 15% in five days, and it seems preparing for a test of $34K.

Bitcoin Price Gaining 15% In a Few Days

This was a really unstable week for bitcoin’s rate, which didn’t look like it was off to a good start a couple of days earlier.

In fact, on Tuesday, the price plummeted down to around $29,200, triggering nothing however worry and panic in the market. Fortunately, it didn’t take much for the rate to reverse.

On Wednesday, the highly-anticipated B Word event took place, and it saw Elon Musk, Jack Dorsey, and Cathie Wood go over bitcoin. All of them spoke fondly of the property. Musk revealed that he owns BTC, ETH, and some DOGE, while likewise saying that Tesla would resume accepting it at some time.

This catalyzed a healing rally, which is now taking the price of bitcoin towards $34K. At the time of this writing, BTC is trading at $33,700, up more than 15% from Tuesday’s lows.

BTC/USD. Source: TradingView Altcoins Also Capitalize In the past 24 hours alone, many altcoins managed to paint some significant gains.

Ethereum, for example, is up about 3.5%on the day-to-day, convincingly overtaking $2,000. ADA is likewise up about 2.5%, while Ripple’s XRP is up 2.14%. In overall, over the previous 5 days, altcoins managed to declare some more market share as Bitcoin’s supremacy – the measure of its share relative to that of the whole market, decreased by about 1%.

In basic, this is how the market looks like over the past 24 hours:

Cryptocurrency Market Heatmap. Source: Quantify Crypto

It’s a sea of green today, and it’s intriguing to see if this will continue throughout the remainder of the weekend. On the other hand, some particular altcoins continue to paint highs after highs. Case in point – – Axie Infinity’s AXS token handled to score a brand-new ATH yesterday above $47 and is still over 30% up on the day.