The cryptocurrency market witnessed a remarkable turn of events over the past 24 hours. After a volatile week that saw Bitcoin dip below $61,000, the world’s largest cryptocurrency made a strong comeback, surging past the $70,000 mark. Despite facing resistance around $72,000, Bitcoin’s resilience shone through as its value climbed back over $70,500, reigniting hopes of a potential rally towards $100,000.
While Bitcoin’s rebound grabbed headlines, the altcoin market also experienced significant action, with Dogecoin (DOGE) and Bitcoin Cash (BCH) leading the charge with impressive double-digit gains.
Dogecoin Soars 13.35% to Hit Highest Level Since January 2022
Dogecoin, the meme-inspired cryptocurrency, saw its price soar by 13.35% to reach $0.21, marking its highest level since January 2022. This surge allowed Dogecoin to outperform most of its top-ranking rivals, including Bitcoin and Ether, on a 24-hour performance metric.
The Dogecoin rally is part of an overall recovery trend that has seen its price rebound 79.5% from its local low of $0.122 on March 20. Elon Musk’s involvement appears to be one of the main drivers behind the sharp rise. Musk recently received three more money transmitter licenses from Illinois, New Mexico, and Oregon states in the U.S. to run a payment service on his X social media platform, fueling speculation that he might integrate Dogecoin into the X payment platform.
Additionally, Dogecoin’s open interest (OI) in futures perpetual contracts reached a record high of $1.77 billion on March 28, reminiscent of the feverish days of the 2021 rally. Concurrent positive funding rates suggest that traders are generally optimistic about the asset’s future price direction, potentially driving more buying pressure.
Bitcoin Cash Rallies 13% Ahead of BCH Halving
Bitcoin Cash (BCH) also stole the spotlight, surging by 13% to over $550, just days before its anticipated halving event on April 4. Historically, halving events have preceded price bumps for cryptocurrencies as the reduction in new supply creates scarcity.
Open interest on BCH-tracked futures more than doubled to $500 million on Thursday from $213 million last week, showing an increase in levered bets on more expected price volatility.
Altcoin Market Sees Modest Gains While Dogecoin and Bitcoin Cash led the charge, other altcoins also managed to make their mark. Binance Coin, Ripple, Toncoin, and Chainlink each posted gains between 1% and 3%. Ethereum, SOL, ADA, and DOT also found themselves in positive territory, albeit with more modest increases. Shiba Inu, another meme coin, outperformed many by gaining over 4% overnight.
The overall cryptocurrency market cap saw a significant boost, increasing by about $50 billion, although it still remains below the $2.8 trillion mark.
As the cryptocurrency landscape continues to evolve, the anticipation for future milestones, such as Bitcoin’s potential reach to $100,000 and the impact of halving events, keeps the community on its toes, eagerly watching every move in this electrifying market.
