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Bitcoin Tested $32K, Cardano Explodes 15% Daily (Market Watch)

1 Jun, 20222 min readAltcoins
Bitcoin Tested $32K, Cardano Explodes 15% Daily (Market Watch)

Bitcoin’s bullish price movements continued in the past 24 hours as the asset spiked to a 20-day high of over $32,000. While most altcoins have calmed on a daily scale, Cardano went on the offensive by registering a massive double-digit surge.

Bitcoin Tested $32K

After several weeks of downfalls, in which BTC marked nine consecutive weekly candles in the red, the cryptocurrency finally started regaining traction on May 29. At that point, the asset stood calm at around $29,000, following a few unsuccessful attempts to challenge $30,000.

However, the bulls stepped up at this point and pushed it north. In a matter of hours, BTC broke above its round-numbered nemesis and kept climbing to around $31,000. A day later, bitcoin went even further and touched $32,000.

The same scenario repeated in the past 24 hours as this time, BTC went to an intraday high of $32,400 (on Bitstamp). This is the highest price level bitcoin has seen since May 10.

As of now, it has retraced slightly and stands just under $32,000. As such, its market capitalization has touched $600 billion, while its dominance over the altcoins is well above 46%.

Cardano Skyrockets 15%

The altcoins also went through notable price increases in the past few days, but most have calmed on a daily scale. Ethereum jumped from around $1,800 to almost $2,000 at one point but not stands slightly below that level despite a minor 24-hour increase.

BNB is just shy of $320 following a 2% price uptick. Ripple, Polkadot, and Dogecoin are also slightly in the green, while Solana, TRON, Avalanche, and Shiba Inu have retraced a bit.

Nevertheless, Cardano has stolen the show. ADA has soared by 15% in the past 24 hours and has jumped above $0.6.

Overall, the crypto market cap has remained relatively calm at $1.3 trillion.

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