After completing record ninth-straight weekly decline, Bitcoin price jumped by the most since early March
Bitcoin price posted a strong start to the week, rising to over $31,000. It jumps more than 7%, and some crypto market analysts are asking if the bottom is in. At the time of writing, BTC is changing hands at $31,536.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price jumps above $31,000
Bitcoin jumped more than 7% to about $31,500, its biggest gain since March 9. The sudden burst higher came as bitcoin had just completed a record nine-week losing streak that took the price down to around $29,400 from $37,600.
“Bitcoin rose back to $30.7k in Monday’s opening hours. Altcoins are also spiking at their highest pace in a couple weeks, and we’ll be watching to see whether trajectories continue up when prime trading hours & whale transactions pick up in 6-8 hours”, Santiment reported.
Elsewhere in the latest crypto rally, ether (ETH) jumped just over 8% to about $1,940. Cardano (ADA) was a standout among Ethereum alternatives, surging about 14% to about $0.54. Almost all major cryptocurrencies were in the green.
🐳🔗 #Chainlink appears to be middle of the pack today on a big #altcoin recovery day, up +8.5%. Notably, we’ve seen that the amount of whale addresses holding 100k or more $LINK has increased substantially, up +11.2%, despite the falling prices. 👍 https://t.co/tt9k3d5TyE pic.twitter.com/EzoyYNbPu5
— Santiment (@santimentfeed) May 30, 2022
The overall cryptocurrency market cap stands at $1.305 trillion, and Bitcoin’s dominance rate is 46%.
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