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Green Market Watch: Bitcoin Reclaims $30K, Cardano (ADA) Explodes 14%

6 Jun, 20222 min readAltcoins
Green Market Watch: Bitcoin Reclaims $30K, Cardano (ADA) Explodes 14%

Following several days of trading below $30,000, bitcoin went on the offensive hours ago, reclaimed that level, and even spiked above $31,000. The altcoins have marked impressive gains as well in the same timeframe, with Cardano and Solana leading the way.

Bitcoin Tests $31K

As June started, bitcoin attempted to turn it into a more positive trading month, surging to a multi-week high of over $32,000. However, the predominantly bearish market sentiment pushed the cryptocurrency south, and it found itself sliding below $30,000 hours later.

Aside from a few brief attempts to overcome that coveted round-numbered line, BTC stood below it for most of the next several days.

The weekend started on a similar note before bitcoin finally initiated a leg up and jumped to $30,000, thus breaking its longest negative streak of 9 consecutive weekly red candles.

Moreover, BTC kept pumping and added another $1,000 in hours. As of now, the asset stands above $31,000, and its market capitalization is close to $600 billion, while the dominance over the alts stays above 46%.

ADA and SOL Pump Hard

The alternative coins continue to mimick BTC’s performance to a large extent, meaning that most have turned green on a 24-hour scale.

Ethereum is up by more than 6% and sits at $1,900 after falling to $1,800 a few days ago. BNB slid below $300 but now trades at $310 after a 4% daily increase. Ripple, Dogecoin, Polkadot, Tron, and Shiba Inu have jumped by up to 6%.

Avalanche, Solana, and Cardano have seen even more impressive gains. AVAX (10%) now trades at $27, Solana (12%) is at $43, while ADA has stolen the show with a 14% surge to well above $0.6.

With most lower- and mid-cap alts charting similar gains on a 24-hour scale, the crypto market cap has added $70 billion and is now close to $1.3 trillion.

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