The crypto market cap regained roughly $100 billion as Bitcoin price spiked by $2,000 and ADA jumped to above $2

By Selena On Aug 13, 2021

The crypto market cap regained around $100 billion in just a few hours as Bitcoin price skyrocketed over $2,000 and ADA surged to over $2.

Bitcoin price recovers over $2,000

BTC bulls blocked yesterday’s correction, and the asset has recovered over $2,000 since the low. The situation with altcoins is similar, with green dominating the market. ADA continues to increase in value as it hits $2 for the first time in three months.

BTC/USD 4-hour chart | Source: TradingView

After the peak a few days ago, BTC started to depreciate rapidly. This resulted in a $4,000 price drop, after which BTC dropped below $44,000 for the second time in less than a week. However, the bulls turned bullish at this point and reversed the cryptocurrency’s trajectory. Bitcoin dropped in price, recovered $44,000 and $45,000 in a few hours, and started another bull run. The most recent saw it gross $46,000.

A few hours later, Glassnode stated, Between the low of $29,700 and the price at $45,400, a total of 16.4% of total Bitcoin supply returned to profit. This indicates that approximately 3.08 million BTC was last spent and thus have an on-chain costs basis in this price range.

Source: Glassnode

However, its dominance has lost some support as several altcoins have outperformed their leaders. Most altcoins also corrected yesterday, with ETH dropping to just over $3,000. However, ETH has rallied strongly and is now trading above $3,200.

Ethereum whale addresses aren’t stopping their accumulation as prices hover above $3,100. Three years ago to the day, addresses with 10,000+ ETH owned 35.8%. Today, they own 7.9% of the second market cap asset’s total supply. There are 1,338 such addresses.

Source: Santiment

Several other altcoins in the top 10 CoinMarketCap also show 3% – 5% gains over the past 24 hours. Binance Coin (BNB) has reclaimed $400 after a 4% increase. XRP stands above $1, while Dogecoin (DOGE), Polkadot (DOT), Uniswap (UNI), Bitcoin Cash (BCH), and Litecoin (LTC) are in the green as well.

ADA surpasses $2 before smart contracts launch announcement later today

Cardano (ADA) is the most significant gainer from the top 10 as it has gained 12% in the last 24 hours. ADA even rose above $2, becoming the highest price since mid-May.

ADA/USD 4-hour chart | Source: TradingView

At the time of writing, the pair circled $2.03 and was continuing to climb. $2.07 marked ADA’s highest price since May 18 and the start of the cross-crypto price route engendered by China’s mining shakeout. The move was accompanied by impending technological upgrades, notably smart contracts on Cardano.

Later today, the community expects Cardano founder Charles Hoskinson to announce the upcoming launch of smart contracts on the platform – the exact date of the upgrade’s rollout will be named. Currently, Cardano is preparing for the Alonzo hard fork, which will deploy the smart contract functionality on the mainnet.

The network’s cryptocurrency saw some positive developments in recent weeks. It was included in the investment firm Grayscale’s Digital Large Cap Fund, with the asset making up 4.26% of the fund, as AZCoin News reported.

As such, the cumulative market cap of all crypto assets has recovered approximately $100 billion since yesterday’s low and is well above $1.9 trillion now.

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