Bitcoin Jumps Back Above USD 6,000 as It Rallies 50% Since Bloody Friday

Fibo Quantum

Source: iStock/hocus-focus

After touching the USD 4,000 level less than a week ago, bitcoin (BTC) rallied around 50% and is now trading above USD 6,000 again.

At pixel time (18:39 UTC), bitcoin is trading at c. USD 6,249 and is up 22% in a day, erasing all its weekly losses. The price is now up 2% in a week but it is still down 40% in a month.

BTC price chart:

Bitcoin Jumps Back Above USD 6,000 as It Rallies 50% Since Bloody Friday 102
Source: coinpaprika.com

While all the top 100 coins are in the green today also, some major altcoins even outperformed BTC. Bitcoin cash (BCH) is up 29%, binance coin (BNB) – 24%, and tezos (XTZ) – 25%. Ethereum (ETH) is up also 22%, but is still down 2% in a week.

The total market capitalization jumped by 21%, to USD 177 billion.

However, bitcoin dominance, or the percentage of the total market capitalization, has slightly increased, surpassing 64%, where it was last week.

As reported, after a major market crash last week, BTC at least today is somewhat showing its power as a hedge against risks inherent in fiat currencies and the broader financial system. Meanwhile, European, U.S. stocks are also moving up today – the S&P 500, Dow Jones indices advanced around 2%, Nasdaq 100 – 3.7%.

“With all the recent market turmoil it’s easy to get caught up in the daily volatility and forget to zoom out. Four-figure price swings, while consequential to expected returns and stressful as they occur, pale in comparison to the potential long-term value of Bitcoin,” Ryan Watkins, an analyst at Messari, wrote today in a newsletter. According to him, BTC competes within a massive market for store of value assets, and while it is many things to many different people, the most important thing for investors is that Bitcoin is digital gold.

Learn more:
10 Crypto Minds Weigh in On Post-Crash Bitcoin and Its Future
Fiat Money Printer ‘Goes BRRR,’ Is It a Time To Sell All Cash For Bitcoin?