Bitcoin eye $50,000 as crypto market spike by over $100bn

Bitcoin eye $50,000 as crypto market
Bitcoin eye $50,000 as crypto market spike

Key Takeaways

  • Bitcoin price recovers $3,000 in 24 hours, eyes $50,000.
  • Bitcoin recovers after Whales pump $40bn to Bitcoin.
  • Altcoins recover alongside BTC.
  • Jack Dorsey backs Bitcoin to replace US dollar.

Nigeria(CoinChapter): Over the past 24 hours, the entire crypto market has begun to regain some of its lost value, with Bitcoin now eyeing $50,000 and Ethereum back above $4,000.

Bitcoin bounced off and added more than $3,000 of value between Monday and Tuesday after days of consecutive price drops. After the Friday push toward $50,000, the asset struggled and even dumped below $46,000 on several occasions.

On Monday, Bitcoin fell to $45,500. The bulls stepped in after pushing the crypto price back up.

Bitcoin price chart showing how it has surged between yesterday
Bitcoin price chart showing how it has surged between yesterday. Source:

Whales pump $40 billion to Bitcoin

Reportedly, the urge with BTC is due to more than $40 billion in inflows pumped into Bitcoin.

The surge has led Bitcoin’s market capitalization to increase by $45.55 billion as it has climbed from $875.67 billion to $921.22 billion. At press time, Bitcoin trades at $49,017, a 7.0 percent surge in the past 24 hours. Despite the current bearish attitude in the market, BTC is attempting to recapture the all-important $50,000 level.

Altcoin in green as ETH returns above $4,000.

Similar to how BTC has continued its recovery, altcoins have also been in the green. Ethereum traded below $3,800 yesterday, but a 6% increase on a daily basis has driven the second-largest crypto to $4,000.

Binance Coin (4%), Solana (3.5%), Ripple (3.5%), Cardano (4%), Polkadot (3%), and Dogecoin (4.5%) have also charted impressive gains.

However, Terra (10%), Avalanche (15%), Shiba Inu (11%), and Polygon (11%) have produced more significant increases in a day.

Ultimately, the cryptocurrency market capitalization is up by more than $100 billion in a day to $2.250 trillion.

Crypto market overview as recovery continues.
Crypto market overview as recovery continues. Source:

Bitcoin will replace USD

American rapper, Belcalis Marlenis Almánzar, known professionally as Cardi B, has sparked outrage online after asking if crypto would ever replace the US dollar.

Former Twitter CEO Jack Dorsey replied that BTC would eventually oust the USD of its dominance in the world.

Other cryptocurrency communities also showed up in Cardi B’s replies, with Dogecoin co-founder Billy Markus posting a meme about how Dogecoin is more stable than the US dollar.

However, as much as crypto enthusiasts believe crypto is the future and are educating Cardi B about that, skeptics believe otherwise as they explain why cryptocurrencies won’t ever replace the USD.

Crypto market, Bitcoin eye $50,000 as crypto market spike by over $100bn

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